Summit Global Investments Buys 27,534 Shares of MasterBrand, Inc. (NYSE:MBC)

Summit Global Investments lifted its position in shares of MasterBrand, Inc. (NYSE:MBC - Free Report) by 104.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,809 shares of the company's stock after purchasing an additional 27,534 shares during the period. Summit Global Investments' holdings in MasterBrand were worth $703,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its stake 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 buying an additional 1,549 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in MasterBrand by 36.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 4,821 shares of the company's stock worth $70,000 after buying an additional 1,286 shares in the last quarter. KBC Group NV raised its stake in MasterBrand by 52.0% in the fourth quarter. KBC Group NV now owns 5,800 shares of the company's stock worth $85,000 after buying an additional 1,983 shares in the last quarter. Caxton Associates LP bought a new position in MasterBrand in the fourth quarter worth about $148,000. Finally, Proficio Capital Partners LLC bought a new position in MasterBrand in the fourth quarter worth about $150,000. 87.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MBC has been the subject of a number of analyst reports. Loop Capital decreased their target price on shares of MasterBrand from $16.00 to $15.00 and set a "buy" rating for the company 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 Stock Up 0.4%

Shares of MBC traded up $0.04 on Thursday, hitting $10.29. 789,051 shares of the stock traded hands, compared to its average volume of 982,705. The company has a market capitalization of $1.30 billion, a PE ratio of 10.61 and a beta of 1.42. 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 business has a 50 day simple moving average of $11.27 and a 200 day simple moving average of $14.05. MasterBrand, Inc. has a one year low of $9.63 and a one year high of $20.67.

MasterBrand (NYSE:MBC - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $660.30 million for the quarter, compared to the consensus estimate of $663.95 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 authorized a stock buyback plan on Monday, March 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

MasterBrand 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.