Malibu Boats (NASDAQ:MBUU) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Malibu Boats (NASDAQ:MBUU) from a strong sell rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other equities analysts have also commented on the company. Truist Financial boosted their price objective on Malibu Boats from $30.00 to $37.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Malibu Boats in a report on Monday. Loop Capital started coverage on shares of Malibu Boats in a research report on Monday, December 22nd. They set a “buy” rating and a $34.00 price target on the stock. DA Davidson decreased their price objective on shares of Malibu Boats from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Monday, September 8th. Finally, B. Riley dropped their target price on shares of Malibu Boats from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Malibu Boats has a consensus rating of “Hold” and an average price target of $36.14.

Malibu Boats Price Performance

Shares of Malibu Boats stock opened at $28.57 on Monday. The stock has a market capitalization of $549.40 million, a price-to-earnings ratio of 29.15 and a beta of 1.20. The firm’s 50-day moving average price is $28.51 and its two-hundred day moving average price is $31.63. The company has a current ratio of 1.63, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. Malibu Boats has a 1-year low of $24.07 and a 1-year high of $42.49.

Malibu Boats (NASDAQ:MBUU) last posted its earnings results on Thursday, October 30th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $194.73 million during the quarter, compared to analysts’ expectations of $182.09 million. Malibu Boats had a net margin of 2.31% and a return on equity of 5.28%. Malibu Boats’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 earnings per share. On average, equities analysts predict that Malibu Boats will post 1.69 earnings per share for the current fiscal year.

Malibu Boats declared that its board has initiated a stock repurchase plan on Friday, December 19th that permits the company to repurchase $70.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 12.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MBUU. Pzena Investment Management LLC boosted its stake in shares of Malibu Boats by 0.6% in the 3rd quarter. Pzena Investment Management LLC now owns 1,680,244 shares of the company’s stock valued at $54,524,000 after purchasing an additional 9,267 shares during the last quarter. Cooke & Bieler LP lifted its holdings in Malibu Boats by 12.4% in the third quarter. Cooke & Bieler LP now owns 1,544,091 shares of the company’s stock valued at $50,106,000 after buying an additional 170,178 shares during the period. Wellington Management Group LLP boosted its stake in Malibu Boats by 5.4% in the third quarter. Wellington Management Group LLP now owns 1,328,549 shares of the company’s stock valued at $43,111,000 after acquiring an additional 67,682 shares during the last quarter. Twin Lions Management LLC boosted its stake in Malibu Boats by 60.2% in the second quarter. Twin Lions Management LLC now owns 1,080,301 shares of the company’s stock valued at $33,857,000 after acquiring an additional 405,838 shares during the last quarter. Finally, Lodge Hill Capital LLC grew its holdings in Malibu Boats by 12.7% during the 3rd quarter. Lodge Hill Capital LLC now owns 885,014 shares of the company’s stock worth $28,719,000 after acquiring an additional 100,000 shares during the period. 91.35% of the stock is currently owned by institutional investors and hedge funds.

About Malibu Boats

Malibu Boats, Inc is a leading designer, manufacturer and distributor of performance sport boats for the recreational boating market. The company’s product portfolio includes the premium Malibu® brand and the value-oriented Axis® Wake Research line, as well as Cobalt® boats following its 2020 acquisition. Malibu’s vessels are engineered to serve water-sports enthusiasts, with models optimized for wakeboarding, wakesurfing and waterskiing.

Founded in 1982 by water-sports enthusiast Jack Springer, Malibu Boats is headquartered in Loudon, Tennessee.