MasterBrand (NYSE:MBC) Shares Gap Up - Here's Why

Key Points

• MasterBrand, Inc. shares gapped up from a previous close of $12.89 to open at $13.70, with the last traded price at $13.51.
• Wall Street Zen upgraded MasterBrand from a "hold" to a "buy" rating, with a consensus price target of $15.00 reflecting a potential upside.
• The company reported earnings of $0.40 EPS, exceeding expectations, and generated revenue of $730.90 million for the quarter, surpassing analyst estimates.

Shares of MasterBrand, Inc. (NYSE:MBC - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $12.89, but opened at $13.70. MasterBrand shares last traded at $13.51, with a volume of 364,130 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded MasterBrand from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $15.00.

MasterBrand Price Performance

The firm has a 50 day simple moving average of $12.50 and a 200-day simple moving average of $11.86. The company has a quick ratio of 1.12, a current ratio of 1.87 and a debt-to-equity ratio of 0.73. The company has a market cap of $1.72 billion, a PE ratio of 18.84 and a beta of 1.43.

MasterBrand (NYSE:MBC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.06. MasterBrand had a return on equity of 11.88% and a net margin of 3.37%.The company had revenue of $730.90 million for the quarter, compared to analyst estimates of $683.30 million.

Hedge Funds Weigh In On MasterBrand

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in MasterBrand by 3.2% in the first quarter. Principal Financial Group Inc. now owns 707,817 shares of the company's stock worth $9,244,000 after acquiring an additional 22,065 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of MasterBrand by 53.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 33,995 shares of the company's stock worth $442,000 after purchasing an additional 11,774 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of MasterBrand by 4.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,510,270 shares of the company's stock worth $32,784,000 after purchasing an additional 106,290 shares during the period. Bryce Point Capital LLC acquired a new stake in shares of MasterBrand during the first quarter worth about $814,000. Finally, Nuveen LLC acquired a new stake in shares of MasterBrand during the first quarter worth about $4,646,000. Hedge funds and other institutional investors own 87.32% of the company's stock.

About MasterBrand

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.

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