Raymond James Downgrades Malibu Boats (NASDAQ:MBUU) to Market Perform

Malibu Boats (NASDAQ:MBUU) was downgraded by equities research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report issued on Monday, MarketBeat reports.

A number of other analysts have also issued reports on the stock. StockNews.com raised shares of Malibu Boats from a “sell” rating to a “hold” rating in a research note on Monday, February 26th. KeyCorp lowered their target price on shares of Malibu Boats from $58.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, January 31st. B. Riley lowered their target price on shares of Malibu Boats from $56.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, January 31st. Robert W. Baird reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Malibu Boats in a research note on Friday, January 19th. Finally, Truist Financial lowered their price objective on shares of Malibu Boats from $62.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, January 31st. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $49.00.

Malibu Boats Stock Down 3.5 %

NASDAQ MBUU opened at $34.89 on Monday. The company has a quick ratio of 0.69, a current ratio of 1.82 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average of $42.83 and a two-hundred day moving average of $46.64. The firm has a market capitalization of $712.80 million, a price-to-earnings ratio of 11.18 and a beta of 1.37. Malibu Boats has a 52 week low of $34.72 and a 52 week high of $62.36.

Malibu Boats (NASDAQ:MBUU) last posted its quarterly earnings data on Tuesday, January 30th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $211.07 million during the quarter, compared to analyst estimates of $219.64 million. Malibu Boats had a net margin of 5.32% and a return on equity of 24.23%. Malibu Boats’s quarterly revenue was down 37.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.78 earnings per share. On average, analysts predict that Malibu Boats will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael K. Hooks bought 12,500 shares of Malibu Boats stock in a transaction on Thursday, February 22nd. The stock was acquired at an average cost of $42.82 per share, for a total transaction of $535,250.00. Following the completion of the acquisition, the insider now owns 12,500 shares of the company’s stock, valued at approximately $535,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Malibu Boats

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its holdings in Malibu Boats by 828.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 41,686 shares of the company’s stock worth $2,285,000 after purchasing an additional 37,197 shares in the last quarter. Invesco Ltd. raised its holdings in Malibu Boats by 272.7% in the third quarter. Invesco Ltd. now owns 127,109 shares of the company’s stock worth $6,231,000 after purchasing an additional 93,004 shares in the last quarter. UBS Group AG raised its holdings in Malibu Boats by 33.7% in the third quarter. UBS Group AG now owns 147,563 shares of the company’s stock worth $7,234,000 after purchasing an additional 37,217 shares in the last quarter. Vanguard Group Inc. raised its holdings in Malibu Boats by 2.7% in the third quarter. Vanguard Group Inc. now owns 1,365,273 shares of the company’s stock worth $66,926,000 after purchasing an additional 35,474 shares in the last quarter. Finally, Swiss National Bank raised its holdings in Malibu Boats by 1.8% in the third quarter. Swiss National Bank now owns 45,400 shares of the company’s stock worth $2,226,000 after purchasing an additional 800 shares in the last quarter. 91.35% of the stock is currently owned by institutional investors.

Malibu Boats Company Profile

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.