Share Buyback Plan Initiated by MasterBrand (NYSE:MBC) Board of Directors

MasterBrand (NYSE:MBC) declared that its board has authorized a stock repurchase program on Monday, March 17th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

MasterBrand Stock Performance

Shares of MasterBrand stock opened at $14.05 on Thursday. The firm has a market capitalization of $1.79 billion, a P/E ratio of 14.49 and a beta of 1.77. The company has a current ratio of 1.65, a quick ratio of 1.02 and a debt-to-equity ratio of 0.78. The business’s fifty day simple moving average is $15.60 and its 200 day simple moving average is $16.42. MasterBrand has a 12 month low of $12.68 and a 12 month high of $20.67.

MasterBrand (NYSE:MBC) last released its earnings results on Tuesday, February 18th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). The business had revenue of $667.70 million for the quarter, compared to the consensus estimate of $722.85 million. MasterBrand had a return on equity of 13.89% and a net margin of 4.66%.

Analyst Ratings Changes

Separately, Loop Capital dropped their target price on shares of MasterBrand from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th.

Insider Buying and Selling at MasterBrand

In other news, Director Juliana L. Chugg bought 6,989 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was acquired at an average cost of $14.17 per share, with a total value 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 $473,618.08. This represents a 26.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Crisci purchased 20,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $14.08 per share, for a total transaction of $281,600.00. Following the transaction, the director now directly owns 66,435 shares in the company, valued at approximately $935,404.80. The trade was a 43.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.38% 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.