Bank of America Corp DE Purchases 117,940 Shares of MasterBrand, Inc. (NYSE:MBC)

Bank of America Corp DE increased its position in shares of MasterBrand, Inc. (NYSE:MBC - Free Report) by 23.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 629,281 shares of the company's stock after buying an additional 117,940 shares during the period. Bank of America Corp DE owned 0.50% of MasterBrand worth $9,194,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of MBC. CIBC Asset Management Inc grew its holdings in MasterBrand by 6.1% during the 4th quarter. CIBC Asset Management Inc now owns 12,885 shares of the company's stock worth $188,000 after acquiring an additional 736 shares during the period. Alliancebernstein L.P. grew its stake in MasterBrand by 0.5% during the fourth quarter. Alliancebernstein L.P. now owns 154,249 shares of the company's stock worth $2,254,000 after purchasing an additional 804 shares during the period. Smartleaf Asset Management LLC increased its holdings in MasterBrand by 150.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,577 shares of the company's stock worth $37,000 after purchasing an additional 1,549 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in MasterBrand by 4.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 36,361 shares of the company's stock worth $531,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in MasterBrand by 4.9% in the fourth quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company's stock valued at $498,000 after buying an additional 1,600 shares during the period. Institutional investors and hedge funds own 87.32% of the company's stock.

Insider Buying and Selling

In related news, Director Robert Crisci acquired 20,000 shares of the firm's stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $14.08 per share, with a total value of $281,600.00. Following the acquisition, the director now 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 purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

MasterBrand Stock Up 3.5%

Shares of NYSE:MBC traded up $0.34 during trading on Tuesday, reaching $10.14. 995,449 shares of the stock were exchanged, compared to its average volume of 980,835. MasterBrand, Inc. has a 1-year low of $9.63 and a 1-year high of $20.67. The stock has a fifty day moving average of $11.79 and a two-hundred day moving average of $14.39. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.65 and a quick ratio of 1.02. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 10.45 and a beta of 1.74.

MasterBrand (NYSE:MBC - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.05). The business had revenue of $660.30 million for the quarter, compared to analyst estimates of $663.95 million. MasterBrand had a return on equity of 13.89% and a net margin of 4.66%.

MasterBrand declared that its Board of Directors has initiated a stock buyback plan on Monday, March 17th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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.