Wedge Capital Management L L P NC Buys 18,960 Shares of MasterBrand, Inc. (NYSE:MBC)

Wedge Capital Management L L P NC raised its stake in MasterBrand, Inc. (NYSE:MBC) by 24.3% in the first quarter, Holdings Channel.com reports. The firm owned 96,856 shares of the company’s stock after acquiring an additional 18,960 shares during the period. Wedge Capital Management L L P NC’s holdings in MasterBrand were worth $1,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Gates Capital Management Inc. boosted its holdings in MasterBrand by 7.5% in the 4th quarter. Gates Capital Management Inc. now owns 9,489,578 shares of the company’s stock valued at $138,643,000 after purchasing an additional 658,807 shares during the period. Boston Partners lifted its holdings in shares of MasterBrand by 82.2% during the 4th quarter. Boston Partners now owns 5,237,123 shares of the company’s stock worth $76,558,000 after acquiring an additional 2,363,308 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of MasterBrand by 3.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 5,083,041 shares of the company’s stock worth $74,264,000 after acquiring an additional 156,993 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of MasterBrand by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,976,769 shares of the company’s stock worth $72,709,000 after acquiring an additional 226,818 shares during the period. Finally, Pzena Investment Management LLC lifted its holdings in shares of MasterBrand by 0.3% during the 4th quarter. Pzena Investment Management LLC now owns 2,847,885 shares of the company’s stock worth $41,608,000 after acquiring an additional 9,169 shares during the period. 87.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on MBC. Zelman & Associates reaffirmed an “underperform” rating on shares of MasterBrand in a report on Monday, April 14th. Loop Capital reduced their price objective on shares of MasterBrand from $16.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, May 7th.

MasterBrand Trading Up 3.3%

MBC opened at $10.95 on Wednesday. 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 stock has a market capitalization of $1.39 billion, a PE ratio of 11.29 and a beta of 1.42. MasterBrand, Inc. has a 1-year low of $9.63 and a 1-year high of $20.67. The firm has a 50-day moving average price of $11.13 and a two-hundred day moving average price of $13.91.

MasterBrand (NYSE:MBC) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.05). MasterBrand had a return on equity of 13.89% and a net margin of 4.66%. The business had revenue of $660.30 million for the quarter, compared to analyst estimates of $663.95 million.

MasterBrand declared that its Board of Directors has authorized a share buyback program on Monday, March 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.