Zacks Investment Research upgraded shares of Malibu Boats, Inc. (NASDAQ:MBUU) from a sell rating to a buy rating in a research note released on Wednesday morning. Zacks Investment Research currently has $23.00 price target on the stock.
According to Zacks, “Malibu Boats, Inc. operates as a designer, manufacturer and marketer of sport boats primarily in the United States. The Company sells its boats under two brands: Malibu and Axis Wake Research. Its sport boats used for water sports including water skiing, wakeboarding and wake surfing as well as for general recreational boating use. Malibu Boats, Inc. is based in Loudon, United States. “
MBUU has been the subject of a number of other reports. B. Riley reiterated a buy rating and issued a $19.00 target price on shares of Malibu Boats in a research note on Monday, November 7th. TheStreet upgraded shares of Malibu Boats from a c+ rating to a b- rating in a research note on Monday, January 30th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $22.00.
Malibu Boats (NASDAQ:MBUU) opened at 21.41 on Wednesday. The stock has a 50 day moving average of $18.94 and a 200-day moving average of $16.23. The company has a market capitalization of $381.76 million, a P/E ratio of 19.12 and a beta of 0.91. Malibu Boats has a 52-week low of $11.38 and a 52-week high of $22.95.
Malibu Boats (NASDAQ:MBUU) last posted its earnings results on Wednesday, February 1st. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.05. The firm earned $67.70 million during the quarter, compared to analysts’ expectations of $64.60 million. Malibu Boats had a net margin of 7.57% and a return on equity of 136.96%. The company’s revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 earnings per share. On average, equities analysts forecast that Malibu Boats will post $1.50 earnings per share for the current year.
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In related news, CFO Wayne R. Wilson sold 35,000 shares of the business’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $20.13, for a total transaction of $704,550.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Ritchie L. Anderson sold 8,344 shares of the business’s stock in a transaction on Friday, December 16th. The stock was sold at an average price of $19.19, for a total transaction of $160,121.36. The disclosure for this sale can be found here. 3.71% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. Cooke & Bieler LP bought a new position in shares of Malibu Boats during the third quarter worth about $156,000. B. Riley Financial Inc. raised its position in shares of Malibu Boats by 7.5% in the second quarter. B. Riley Financial Inc. now owns 14,924 shares of the company’s stock worth $180,000 after buying an additional 1,045 shares during the period. Acrospire Investment Management LLC raised its position in shares of Malibu Boats by 3,088.5% in the third quarter. Acrospire Investment Management LLC now owns 16,931 shares of the company’s stock worth $252,000 after buying an additional 16,400 shares during the period. Cornercap Investment Counsel Inc. raised its position in shares of Malibu Boats by 1.4% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 33,310 shares of the company’s stock worth $636,000 after buying an additional 460 shares during the period. Finally, Algert Global LLC bought a new position in shares of Malibu Boats during the third quarter worth about $622,000. 90.67% of the stock is currently owned by institutional investors and hedge funds.
Malibu Boats Company Profile
Malibu Boats, Inc is a designer, manufacturer and marketer of performance sport boats. The Company’s segments include the U.S. and Australia. Each segment is engaged in the manufacturing, distribution, marketing and sale of performance sport boats. Its U.S. segment serves markets in North America, South America, Europe and Asia.
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