MasterCraft Boat (NASDAQ:MCFT) Issues FY 2024 Earnings Guidance

MasterCraft Boat (NASDAQ:MCFT) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 1.530-1.780 for the period, compared to the consensus earnings per share estimate of 1.600. The company issued revenue guidance of $400.0 million-$412.0 million, compared to the consensus revenue estimate of $405.6 million. MasterCraft Boat also updated its Q3 2024 guidance to 0.230-0.230 EPS.

MasterCraft Boat Trading Up 3.7 %

MCFT stock opened at $22.81 on Thursday. MasterCraft Boat has a 52 week low of $19.22 and a 52 week high of $31.70. The company has a market capitalization of $388.45 million, a PE ratio of 6.98 and a beta of 1.63. The company’s 50-day simple moving average is $21.44 and its 200 day simple moving average is $21.48. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.58 and a current ratio of 2.11.

MasterCraft Boat (NASDAQ:MCFT) last announced its earnings results on Wednesday, February 7th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.17. MasterCraft Boat had a net margin of 10.66% and a return on equity of 32.01%. The firm had revenue of $99.48 million for the quarter, compared to analyst estimates of $95.53 million. During the same quarter in the prior year, the business posted $1.16 EPS. The business’s revenue was down 37.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that MasterCraft Boat will post 1.51 earnings per share for the current year.

Analyst Ratings Changes

Separately, Truist Financial upped their target price on MasterCraft Boat from $20.00 to $22.00 and gave the company a hold rating in a research report on Tuesday, January 9th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $24.83.

Insider Activity

In other MasterCraft Boat news, major shareholder Coliseum Capital Management, L acquired 24,167 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average cost of $20.72 per share, for a total transaction of $500,740.24. Following the transaction, the insider now directly owns 2,025,578 shares in the company, valued at $41,969,976.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On MasterCraft Boat

A number of hedge funds and other institutional investors have recently bought and sold shares of MCFT. BlackRock Inc. grew its position in shares of MasterCraft Boat by 16.8% in the 1st quarter. BlackRock Inc. now owns 1,418,134 shares of the company’s stock valued at $43,154,000 after buying an additional 203,490 shares during the last quarter. Divisar Capital Management LLC boosted its holdings in MasterCraft Boat by 12.0% in the first quarter. Divisar Capital Management LLC now owns 1,213,023 shares of the company’s stock valued at $29,852,000 after acquiring an additional 130,333 shares during the last quarter. Two Sigma Advisers LP increased its position in MasterCraft Boat by 352.7% during the 1st quarter. Two Sigma Advisers LP now owns 153,000 shares of the company’s stock valued at $4,656,000 after purchasing an additional 119,200 shares during the period. Renaissance Technologies LLC raised its holdings in MasterCraft Boat by 191.7% during the 1st quarter. Renaissance Technologies LLC now owns 179,100 shares of the company’s stock worth $5,450,000 after purchasing an additional 117,700 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of MasterCraft Boat by 304.1% in the 1st quarter. Two Sigma Investments LP now owns 150,723 shares of the company’s stock worth $4,587,000 after purchasing an additional 113,422 shares during the period. Institutional investors own 97.64% of the company’s stock.

About MasterCraft Boat

MasterCraft Boat Holdings, Inc, through its subsidiaries, designs, manufactures, and markets recreational powerboats. It operates through MasterCraft, Crest, and Aviara segments. The MasterCraft segment produces premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating.