Connor Clark & Lunn Investment Management Ltd. Sells 2,034 Shares of MasterBrand, Inc. (NYSE:MBC)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in MasterBrand, Inc. (NYSE:MBC) by 4.3% during the 4th quarter, HoldingsChannel reports. The fund owned 45,022 shares of the company’s stock after selling 2,034 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in MasterBrand were worth $658,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MBC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in MasterBrand by 58.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,425,966 shares of the company’s stock worth $26,437,000 after acquiring an additional 528,537 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of MasterBrand by 18.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,092,694 shares of the company’s stock valued at $38,799,000 after purchasing an additional 330,874 shares in the last quarter. Foundry Partners LLC bought a new position in shares of MasterBrand during the third quarter valued at $4,952,000. Raymond James Financial Inc. bought a new position in shares of MasterBrand during the fourth quarter valued at $3,364,000. Finally, Bank of Montreal Can lifted its holdings in shares of MasterBrand by 1,087.5% during the third quarter. Bank of Montreal Can now owns 246,855 shares of the company’s stock valued at $4,527,000 after purchasing an additional 226,068 shares in the last quarter. 87.32% of the stock is owned by institutional investors.

MasterBrand Trading Down 3.2 %

Shares of NYSE:MBC opened at $13.37 on Friday. The company has a market cap of $1.71 billion, a P/E ratio of 13.78 and a beta of 1.77. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.65 and a quick ratio of 1.02. MasterBrand, Inc. has a 1 year low of $12.68 and a 1 year high of $20.67. The stock’s fifty day moving average price is $15.53 and its 200-day moving average price is $16.39.

MasterBrand (NYSE:MBC) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.21 earnings per share (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 net margin of 4.66% and a return on equity of 13.89%.

MasterBrand announced that its Board of Directors has approved a share repurchase program on Monday, March 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Activity at MasterBrand

In other news, Director Juliana L. Chugg acquired 6,989 shares of MasterBrand stock in a transaction that occurred on Monday, February 24th. The stock was bought at an average price of $14.17 per share, for a total transaction of $99,034.13. Following the completion of the transaction, the director now owns 33,424 shares in the company, valued at $473,618.08. The trade was a 26.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Crisci acquired 20,000 shares of MasterBrand stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $14.08 per share, with a total value of $281,600.00. Following the transaction, the director now owns 66,435 shares of the company’s stock, valued at $935,404.80. The trade was a 43.07 % increase in their position. The disclosure for this purchase can be found here. 1.38% of the stock is owned by company insiders.

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.