Envestnet Asset Management Inc. Cuts Stake in MasterBrand, Inc. (NYSE:MBC)

Envestnet Asset Management Inc. decreased its position in MasterBrand, Inc. (NYSE:MBC) by 2.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,729 shares of the company’s stock after selling 1,301 shares during the period. Envestnet Asset Management Inc.’s holdings in MasterBrand were worth $639,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Boston Partners lifted its position in MasterBrand by 82.2% in the fourth quarter. Boston Partners now owns 5,237,123 shares of the company’s stock valued at $76,558,000 after purchasing an additional 2,363,308 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of MasterBrand by 135.1% in the 4th quarter. JPMorgan Chase & Co. now owns 693,220 shares of the company’s stock valued at $10,128,000 after buying an additional 398,303 shares during the period. Royce & Associates LP lifted its holdings in shares of MasterBrand by 97.0% in the 4th quarter. Royce & Associates LP now owns 724,161 shares of the company’s stock valued at $10,580,000 after buying an additional 356,506 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of MasterBrand by 14.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,403,980 shares of the company’s stock valued at $35,122,000 after buying an additional 311,286 shares in the last quarter. Finally, Norges Bank acquired a new position in MasterBrand during the fourth quarter worth $3,433,000. 87.32% of the stock is currently owned by institutional investors and hedge funds.

MasterBrand Stock Performance

MBC opened at $12.51 on Friday. MasterBrand, Inc. has a 1-year low of $10.84 and a 1-year high of $20.67. The stock has a market cap of $1.59 billion, a P/E ratio of 12.90 and a beta of 1.70. The stock’s 50 day simple moving average is $12.71 and its 200 day simple moving average is $15.24. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.65 and a quick ratio of 1.02.

MasterBrand (NYSE:MBC) last posted its earnings results on Tuesday, February 18th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.17). The firm had revenue of $667.70 million during the quarter, compared to analyst estimates of $722.85 million. MasterBrand had a net margin of 4.66% and a return on equity of 13.89%.

MasterBrand announced that its Board of Directors has initiated a stock buyback plan on Monday, March 17th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

MBC has been the subject of a number of recent analyst reports. Zelman & Associates reissued an “underperform” rating on shares of MasterBrand in a report on Monday, April 14th. Loop Capital reduced their price objective on shares of MasterBrand from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, April 28th.

Insider Activity at MasterBrand

In related news, Director Robert Crisci acquired 20,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $14.08 per share, for a total transaction of $281,600.00. Following the transaction, the director now directly owns 66,435 shares of the company’s stock, valued at approximately $935,404.80. This trade represents a 43.07 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Juliana L. Chugg bought 6,989 shares of MasterBrand stock in a transaction that occurred on Monday, February 24th. The stock was bought at an average cost of $14.17 per share, for a total transaction of $99,034.13. Following the purchase, the director now owns 33,424 shares in the company, valued at $473,618.08. This represents a 26.44 % increase in their position. The disclosure for this purchase can be found here. 1.38% of the stock is owned by corporate insiders.

About MasterBrand

MasterBrand, Inc engages in the manufacture and sale of residential cabinets in the United States and Canada. The company offers a range of residential cabinetry products for the kitchen, bathroom, and other parts of the home. It sells its products to remodeling and new construction markets through dealers, retailers, and builders.