MasterBrand (NYSE:MBC) Shares Gap Down Following Weak Earnings

Shares of MasterBrand, Inc. (NYSE:MBC) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $16.23, but opened at $14.38. MasterBrand shares last traded at $15.34, with a volume of 238,737 shares.

The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). The company had revenue of $667.70 million for the quarter, compared to analyst estimates of $722.85 million. MasterBrand had a net margin of 5.46% and a return on equity of 15.51%.

Analyst Upgrades and Downgrades

Separately, Loop Capital decreased their price objective on MasterBrand from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday.

Institutional Trading of MasterBrand

A number of hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its stake in MasterBrand by 6.1% in the 4th quarter. CIBC Asset Management Inc now owns 12,885 shares of the company’s stock worth $188,000 after buying an additional 736 shares during the last quarter. Alliancebernstein L.P. boosted its stake in MasterBrand by 0.5% in the 4th quarter. Alliancebernstein L.P. now owns 154,249 shares of the company’s stock worth $2,254,000 after buying an additional 804 shares during the last quarter. Quest Partners LLC boosted its stake in MasterBrand by 33.3% in the 3rd quarter. Quest Partners LLC now owns 3,285 shares of the company’s stock worth $61,000 after buying an additional 821 shares during the last quarter. North Growth Management Ltd. boosted its stake in MasterBrand by 0.6% in the 3rd quarter. North Growth Management Ltd. now owns 180,000 shares of the company’s stock worth $3,336,000 after buying an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in MasterBrand by 1.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 94,554 shares of the company’s stock worth $1,753,000 after buying an additional 1,107 shares during the last quarter. 87.32% of the stock is owned by institutional investors and hedge funds.

MasterBrand Trading Down 5.7 %

The business has a 50 day simple moving average of $16.05 and a 200-day simple moving average of $16.68. The company has a current ratio of 1.82, a quick ratio of 1.02 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 13.43 and a beta of 1.58.

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.