Malibu Boats (MBUU) Traded Up 16.5% After Better-Than-Anticipated Revenue

Malibu Boats (MBUU) Traded Up 16.5% After Better-Than-Anticipated Revenue

Malibu Boats Inc (NASDAQ:MBUU)’s share price was up 16.5% on Tuesday following a better than expected earnings announcement. The company traded as high as $49.98 and last traded at $48.93. Approximately 622,275 shares traded hands during mid-day trading, an increase of 208% from the average daily volume of 201,791 shares. The stock had previously closed at $42.00.

The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.13. The company 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 43.60% and a net margin of 5.56%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 earnings per share.

Several equities research analysts have issued reports on MBUU shares. ValuEngine cut Malibu Boats from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Zacks Investment Research lowered Malibu Boats from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. BidaskClub lowered Malibu Boats from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Wells Fargo & Co upgraded Malibu Boats from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $51.00 in a research report on Thursday, August 23rd. Finally, Raymond James raised their price target on Malibu Boats from $48.00 to $61.00 and gave the stock a “strong-buy” rating in a research report on Friday, September 7th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Malibu Boats presently has a consensus rating of “Buy” and a consensus target price of $57.14.

In other news, Director Phillip S. Estes sold 80,000 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $52.87, for a total transaction of $4,229,600.00. Following the completion of the transaction, the director now directly owns 28,298 shares in the company, valued at $1,496,115.26. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Wayne R. Wilson sold 14,088 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $52.34, for a total value of $737,365.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 215,823 shares of company stock valued at $11,390,169. Company insiders own 3.35% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of Malibu Boats during the second quarter worth $512,000. Affinity Investment Advisors LLC purchased a new position in Malibu Boats in the second quarter valued at $229,000. Macquarie Group Ltd. boosted its holdings in Malibu Boats by 10.0% in the second quarter. Macquarie Group Ltd. now owns 1,280,397 shares of the company’s stock valued at $53,700,000 after purchasing an additional 115,989 shares during the period. Renaissance Technologies LLC boosted its holdings in Malibu Boats by 31.1% in the second quarter. Renaissance Technologies LLC now owns 649,500 shares of the company’s stock valued at $27,240,000 after purchasing an additional 154,200 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in Malibu Boats by 25.3% in the second quarter. Alps Advisors Inc. now owns 17,447 shares of the company’s stock valued at $519,000 after purchasing an additional 3,519 shares during the period. Institutional investors and hedge funds own 97.30% of the company’s stock.

The firm has a market cap of $874.33 million, a PE ratio of 19.40, a price-to-earnings-growth ratio of 0.89 and a beta of 1.45. The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.78.

About Malibu Boats (NASDAQ:MBUU)

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.

Read More: What are the most popular ETFs

Related posts

Leave a Comment