Malibu Boats, Inc. (NASDAQ:MBUU) Shares Purchased by Summit Global Investments

Summit Global Investments lifted its position in shares of Malibu Boats, Inc. (NASDAQ:MBUU) by 25.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,045 shares of the company’s stock after buying an additional 4,665 shares during the quarter. Summit Global Investments owned approximately 0.11% of Malibu Boats worth $1,263,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. grew its stake in Malibu Boats by 828.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 41,686 shares of the company’s stock worth $2,285,000 after acquiring an additional 37,197 shares during the period. Invesco Ltd. boosted its stake in Malibu Boats by 272.7% in the 3rd quarter. Invesco Ltd. now owns 127,109 shares of the company’s stock worth $6,231,000 after buying an additional 93,004 shares during the last quarter. UBS Group AG grew its holdings in Malibu Boats by 33.7% in the 3rd quarter. UBS Group AG now owns 147,563 shares of the company’s stock valued at $7,234,000 after buying an additional 37,217 shares during the period. Vanguard Group Inc. increased its stake in shares of Malibu Boats by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,365,273 shares of the company’s stock valued at $66,926,000 after acquiring an additional 35,474 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Malibu Boats by 1.8% during the 3rd quarter. Swiss National Bank now owns 45,400 shares of the company’s stock valued at $2,226,000 after acquiring an additional 800 shares during the last quarter. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MBUU has been the subject of a number of recent analyst reports. Raymond James downgraded shares of Malibu Boats from an “outperform” rating to a “market perform” rating in a report on Monday, April 15th. Robert W. Baird dropped their price objective on Malibu Boats from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Friday. Truist Financial lowered their price target on Malibu Boats from $52.00 to $42.00 and set a “buy” rating for the company in a research report on Friday. KeyCorp cut their price objective on Malibu Boats from $50.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday. Finally, StockNews.com raised shares of Malibu Boats from a “sell” rating to a “hold” rating in a research report on Monday, February 26th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Malibu Boats presently has an average rating of “Hold” and an average target price of $43.00.

Insiders Place Their Bets

In other news, insider Michael K. Hooks purchased 12,500 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were acquired at an average cost of $42.82 per share, with a total value of $535,250.00. Following the transaction, the insider now owns 12,500 shares in the company, valued at approximately $535,250. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.62% of the stock is currently owned by company insiders.

Malibu Boats Price Performance

Shares of MBUU traded up $0.85 during trading on Friday, reaching $32.64. The company’s stock had a trading volume of 539,478 shares, compared to its average volume of 379,978. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.69 and a current ratio of 1.82. The company has a fifty day moving average of $39.44 and a two-hundred day moving average of $45.19. Malibu Boats, Inc. has a twelve month low of $31.47 and a twelve month high of $62.36.

Malibu Boats (NASDAQ:MBUU) last issued its earnings results on Tuesday, January 30th. The company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $211.07 million for the quarter, compared to analyst estimates of $219.64 million. Malibu Boats had a negative net margin of 5.19% and a positive return on equity of 17.56%. The company’s revenue for the quarter was down 37.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.78 EPS. On average, research analysts predict that Malibu Boats, Inc. will post 2.55 EPS for the current fiscal year.

About Malibu Boats

Malibu Boats, Inc designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands.