MasterBrand (NYSE:MBC) to Repurchase $50.00 million in Stock

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

Wall Street Analysts Forecast Growth

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

MasterBrand Stock Down 0.2 %

MasterBrand stock opened at $13.37 on Tuesday. The stock has a 50 day moving average of $15.64 and a two-hundred day moving average of $16.46. MasterBrand has a twelve month low of $12.68 and a twelve month high of $20.67. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 13.78 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.

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

Insider Transactions at MasterBrand

In other MasterBrand news, Director Juliana L. Chugg acquired 6,989 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were purchased at an average price of $14.17 per share, with a total value of $99,034.13. Following the completion of the acquisition, the director now directly owns 33,424 shares of the company’s stock, valued at approximately $473,618.08. The trade was a 26.44 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert Crisci acquired 20,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $14.08 per share, with a total value of $281,600.00. Following the transaction, the director now directly owns 66,435 shares of the company’s stock, valued at $935,404.80. This represents a 43.07 % increase in their position. The disclosure for this purchase can be found here. Company 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.