235,000 Shares in MasterBrand, Inc. (NYSE:MBC) Bought by Norges Bank

Norges Bank acquired a new stake in shares of MasterBrand, Inc. (NYSE:MBC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 235,000 shares of the company's stock, valued at approximately $3,433,000. Norges Bank owned 0.18% of MasterBrand at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in shares of MasterBrand by 135.1% during the fourth 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. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of MasterBrand by 7.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 261,199 shares of the company's stock worth $3,816,000 after acquiring an additional 18,117 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of MasterBrand during the fourth quarter valued at approximately $294,000. KLP Kapitalforvaltning AS purchased a new stake in MasterBrand in the fourth quarter worth $409,000. Finally, AXQ Capital LP bought a new position in MasterBrand in the fourth quarter worth $244,000. 87.32% of the stock is currently owned by institutional investors.

MasterBrand Price Performance

MBC traded down $0.24 during trading on Wednesday, reaching $11.34. 66,011 shares of the company traded hands, compared to its average volume of 924,540. MasterBrand, Inc. has a 12-month low of $10.84 and a 12-month high of $20.67. The firm has a fifty day simple moving average of $13.79 and a 200 day simple moving average of $15.80. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.02 and a current ratio of 1.65. The company has a market cap of $1.45 billion, a P/E ratio of 11.70 and a beta of 1.70.

MasterBrand (NYSE:MBC - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.17). The firm had revenue of $667.70 million for the quarter, compared to analysts' expectations 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 has authorized a share buyback program on Monday, March 17th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at MasterBrand

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Zelman & Associates reissued an "underperform" rating on shares of MasterBrand in a research report on Monday. Loop Capital lowered their price target on shares of MasterBrand from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th.

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.