Malibu Boats (NASDAQ:MBUU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
Several other analysts have also recently issued reports on MBUU. B. Riley upgraded Malibu Boats from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.50 to $60.00 in a research report on Monday, September 17th. ValuEngine lowered Malibu Boats from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. BidaskClub lowered Malibu Boats from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 19th. Finally, Wells Fargo & Co lowered their price objective on Malibu Boats from $58.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, December 18th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Malibu Boats has a consensus rating of “Buy” and an average target price of $55.71.
MBUU traded up $0.35 during midday trading on Wednesday, reaching $38.57. The company had a trading volume of 764 shares, compared to its average volume of 200,183. The company has a quick ratio of 1.43, a current ratio of 2.19 and a debt-to-equity ratio of 0.71. The stock has a market cap of $795.51 million, a price-to-earnings ratio of 15.31, a PEG ratio of 0.77 and a beta of 1.76. Malibu Boats has a 1 year low of $28.32 and a 1 year high of $59.57.
Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings results on Tuesday, November 6th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.13. The business had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $113.67 million. Malibu Boats had a return on equity of 44.97% and a net margin of 6.39%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 earnings per share. On average, equities analysts anticipate that Malibu Boats will post 3.32 earnings per share for the current fiscal year.
In related news, COO Ritchie L. Anderson sold 12,036 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $45.85, for a total transaction of $551,850.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Wayne R. Wilson sold 10,466 shares of the firm’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $48.36, for a total value of $506,135.76. The disclosure for this sale can be found here. 3.35% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MBUU. Marshall Wace LLP purchased a new position in Malibu Boats during the 3rd quarter worth $23,934,000. Millennium Management LLC increased its holdings in shares of Malibu Boats by 1,966.0% in the 2nd quarter. Millennium Management LLC now owns 285,726 shares of the company’s stock valued at $11,983,000 after acquiring an additional 271,896 shares during the period. Loomis Sayles & Co. L P purchased a new position in shares of Malibu Boats in the 3rd quarter valued at $11,783,000. Renaissance Technologies LLC increased its holdings in shares of Malibu Boats by 24.1% in the 3rd quarter. Renaissance Technologies LLC now owns 806,200 shares of the company’s stock valued at $44,115,000 after acquiring an additional 156,700 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in shares of Malibu Boats by 10.0% in the 2nd quarter. Macquarie Group Ltd. now owns 1,280,397 shares of the company’s stock valued at $53,700,000 after acquiring an additional 115,989 shares during the period. Institutional investors own 95.21% of the company’s stock.
About Malibu Boats
Malibu Boats, Inc designs, manufactures, distributes, markets, and sells recreational powerboats. The company offers performance sport boats under the Malibu and Axis brand names; and sterndrives and outboard boats under the Cobalt brand name. Its boats are used for water sports, including water skiing, wakeboarding, and wake surfing, as well as general recreational boating.
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