Principal Financial Group Inc. Buys 22,065 Shares of MasterBrand, Inc. (NYSE:MBC)

Principal Financial Group Inc. increased its stake in shares of MasterBrand, Inc. (NYSE:MBC) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 707,817 shares of the company’s stock after acquiring an additional 22,065 shares during the quarter. Principal Financial Group Inc. owned about 0.55% of MasterBrand worth $9,244,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio increased its position in MasterBrand by 36.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 4,821 shares of the company’s stock worth $70,000 after acquiring an additional 1,286 shares during the period. Caxton Associates LP bought a new position in MasterBrand during the fourth quarter worth $148,000. Proficio Capital Partners LLC bought a new position in MasterBrand during the fourth quarter worth $150,000. Cetera Investment Advisers bought a new position in MasterBrand during the fourth quarter worth $164,000. Finally, Quantinno Capital Management LP bought a new position in MasterBrand during the fourth quarter worth $166,000. Institutional investors own 87.32% of the company’s stock.

MasterBrand Stock Down 1.5%

MBC opened at $11.62 on Tuesday. MasterBrand, Inc. has a fifty-two week low of $9.63 and a fifty-two week high of $20.67. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.90 and a quick ratio of 1.10. The firm’s fifty day moving average price is $10.72 and its two-hundred day moving average price is $13.05. The company has a market capitalization of $1.47 billion, a P/E ratio of 14.89 and a beta of 1.43.

MasterBrand (NYSE:MBC) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.05). MasterBrand had a return on equity of 12.60% and a net margin of 3.74%. The business had revenue of $660.30 million for the quarter, compared to analyst estimates of $663.95 million.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on MBC shares. Zelman & Associates reaffirmed an “underperform” rating on shares of MasterBrand in a research report on Monday, April 14th. Loop Capital decreased their price target on shares of MasterBrand from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th.

MasterBrand Company Profile

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.