Corebridge Financial Inc. Sells 5,267 Shares of MasterBrand, Inc. (NYSE:MBC)

Corebridge Financial Inc. lessened its position in shares of MasterBrand, Inc. (NYSE:MBC) by 7.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,471 shares of the company’s stock after selling 5,267 shares during the period. Corebridge Financial Inc. owned 0.05% of MasterBrand worth $986,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MBC. Boston Partners lifted its holdings in MasterBrand by 82.2% during the fourth quarter. Boston Partners now owns 5,237,123 shares of the company’s stock valued at $76,558,000 after purchasing an additional 2,363,308 shares during the last quarter. Royce & Associates LP lifted its stake in shares of MasterBrand by 97.0% during the 4th quarter. Royce & Associates LP now owns 724,161 shares of the company’s stock valued at $10,580,000 after buying an additional 356,506 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in MasterBrand by 14.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,403,980 shares of the company’s stock valued at $35,122,000 after buying an additional 311,286 shares in the last quarter. Raymond James Financial Inc. bought a new stake in MasterBrand during the 4th quarter valued at $3,364,000. Finally, Barclays PLC lifted its position 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 acquiring an additional 169,550 shares in the last quarter. Institutional investors own 87.32% of the company’s stock.

MasterBrand Trading Up 1.5 %

Shares of MasterBrand stock opened at $12.48 on Friday. The company’s 50-day moving average price is $14.80 and its 200-day moving average price is $16.19. 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, Inc. has a 12-month low of $11.64 and a 12-month high of $20.67. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 12.87 and a beta of 1.77.

MasterBrand (NYSE:MBC) last posted its earnings results on Tuesday, February 18th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). The firm 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%.

MasterBrand announced that its Board of Directors has authorized a stock repurchase plan on Monday, March 17th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at MasterBrand

In other MasterBrand news, Director Robert Crisci purchased 20,000 shares of the stock in a transaction on Friday, February 28th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $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 this hyperlink. Also, Director Juliana L. Chugg acquired 6,989 shares of MasterBrand stock in a transaction dated Monday, February 24th. The shares were bought at an average cost of $14.17 per share, for a total transaction of $99,034.13. Following the completion of the purchase, 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 disclosure for this purchase can be found here. 1.38% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.