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.
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