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Masonite International Corp (DOOR): Mount Kellet Capital Management Sells a Significant Portion of Shares

Mark McGoldrick and Jason Maynard‘s Mount Kellett Capital Management has revealed selling a significant chunk of its stake in Masonite International Corp (NYSE:DOOR). According to a filing with the Securities and Exchange Commission, Mount Kellet sold a total of 1.36 million shares of Masonite International, remaining with some 2.96 million shares. The securities have been sold in one open-market transaction at a price of $55.5 per share. Following the sale of shares, Mount Kellet’s stake amasses 9.9% of the company’s outstanding stock.


Another shareholder of Masonite International Corp (NYSE:DOOR) is Oaktree Capital Management, led by Howard Marks, which owns around 3.62 million shares of the company as of the end of the second quarter. While Oaktree decreased its stake by 12% on the quarter, Joel Ramin‘s 12 West Capital Management raised its exposure to Masonite by 39% during the second quarter and revealed holding some 2.12 million shares in its latest 13F filing.

Masonite International Corp (NYSE:DOOR) is a company that designs and manufactures of interior and exterior doors. In addition, the company is engaged in residential remodeling, renovation and repair works. In August the company announced the restructurization of its Israeli subsidiary. The board of the Israel-based subsidiary, Masonite Israel Ltd. filed for a Stay of Proceedings from the Israeli court, which is expected to appoint a Trustee to oversee the business and restructure it, Masonite said in a press release.

The stock of the $1.70 billion market cap company declined by around 3.30% since the beginning of the year. Masonite International Corp (NYSE:DOOR) posted an 8.2% increase on the year in its net sales for the second quarter, which amounted to $490.2 million. The company also turned to a net income of $5.6 million for the second quarter, from a net loss of $1.2 million reported for the same period of last year. Overall, the average recommendation for Masonite stock is ‘Overweight’ with the average target price of $64.30, which is below the current price of the stock.

Disclosure: none

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