Man Group plc Sells 50,590 Shares of MasterBrand, Inc. (NYSE:MBC)

Man Group plc trimmed its position in MasterBrand, Inc. (NYSE:MBC - Free Report) by 15.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 280,607 shares of the company's stock after selling 50,590 shares during the quarter. Man Group plc owned 0.22% of MasterBrand worth $4,100,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in MasterBrand by 5.1% in the fourth quarter. Empowered Funds LLC now owns 650,450 shares of the company's stock valued at $9,503,000 after acquiring an additional 31,714 shares during the last quarter. Bank of America Corp DE increased its stake in MasterBrand by 23.1% in the fourth quarter. Bank of America Corp DE now owns 629,281 shares of the company's stock valued at $9,194,000 after acquiring an additional 117,940 shares during the last quarter. JPMorgan Chase & Co. increased its stake in MasterBrand by 135.1% in the fourth quarter. JPMorgan Chase & Co. now owns 693,220 shares of the company's stock valued at $10,128,000 after acquiring an additional 398,303 shares during the last quarter. Susquehanna International Group LLP increased its stake in MasterBrand by 307.1% in the fourth quarter. Susquehanna International Group LLP now owns 130,490 shares of the company's stock valued at $1,906,000 after acquiring an additional 98,439 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of MasterBrand by 262.4% during the third quarter. Barclays PLC now owns 234,160 shares of the company's stock worth $4,341,000 after buying an additional 169,550 shares during the last quarter. 87.32% of the stock is owned by institutional investors.

MasterBrand Price Performance

Shares of NYSE MBC traded up $0.34 during midday trading on Tuesday, reaching $10.14. 995,449 shares of the company were exchanged, compared to its average volume of 980,835. The stock's 50-day moving average price is $11.72 and its 200-day moving average price is $14.36. The stock has a market cap of $1.29 billion, a P/E ratio of 10.45 and a beta of 1.74. MasterBrand, Inc. has a one year low of $9.63 and a one year high of $20.67. The company has a quick ratio of 1.02, a current ratio of 1.65 and a debt-to-equity ratio of 0.78.

MasterBrand (NYSE:MBC - Get Free Report) last posted its 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). The company had revenue of $660.30 million for the quarter, compared to the consensus estimate of $663.95 million. MasterBrand had a return on equity of 13.89% and a net margin of 4.66%.

MasterBrand announced that its Board of Directors has authorized a stock repurchase program on Monday, March 17th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other MasterBrand news, Director Robert Crisci acquired 20,000 shares of MasterBrand stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $14.08 per share, with a total value of $281,600.00. Following the completion of the purchase, the director now directly owns 66,435 shares in the company, valued at $935,404.80. This trade represents a 43.07% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MBC shares. Loop Capital decreased their target price 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. Zelman & Associates reaffirmed an "underperform" rating on shares of MasterBrand in a research note on Monday, April 14th.

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.