MarineMax (NYSE:HZO) Hits New 1-Year Low on Disappointing Earnings

MarineMax, Inc. (NYSE:HZO) shares hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $22.51 and last traded at $23.59, with a volume of 364915 shares. The stock had previously closed at $27.18.

The specialty retailer reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.55). The company had revenue of $582.90 million for the quarter, compared to the consensus estimate of $590.19 million. MarineMax had a net margin of 3.75% and a return on equity of 10.44%. MarineMax’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.23 earnings per share.

Analysts Set New Price Targets

Several equities research analysts recently commented on HZO shares. Stifel Nicolaus dropped their target price on MarineMax from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Friday. StockNews.com lowered MarineMax from a “hold” rating to a “sell” rating in a report on Saturday, January 27th. Truist Financial lowered their target price on MarineMax from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Friday. Finally, DA Davidson reaffirmed a “buy” rating and issued a $34.00 price objective on shares of MarineMax in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, MarineMax has a consensus rating of “Moderate Buy” and a consensus price target of $35.40.

Insider Buying and Selling at MarineMax

In related news, EVP Charles A. Cashman sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $29.76, for a total value of $223,200.00. Following the completion of the sale, the executive vice president now owns 63,981 shares in the company, valued at approximately $1,904,074.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Clint Moore sold 4,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $31.12, for a total value of $124,480.00. Following the completion of the sale, the director now directly owns 20,544 shares of the company’s stock, valued at approximately $639,329.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Charles A. Cashman sold 7,500 shares of MarineMax stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $29.76, for a total value of $223,200.00. Following the transaction, the executive vice president now directly owns 63,981 shares in the company, valued at approximately $1,904,074.56. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of MarineMax by 50.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 84,967 shares of the specialty retailer’s stock worth $3,305,000 after buying an additional 28,467 shares during the last quarter. Broad Bay Capital Management LP grew its holdings in MarineMax by 34.1% in the 4th quarter. Broad Bay Capital Management LP now owns 704,034 shares of the specialty retailer’s stock valued at $27,387,000 after buying an additional 179,034 shares during the last quarter. Premier Fund Managers Ltd bought a new position in MarineMax during the fourth quarter valued at about $596,000. Campbell & CO Investment Adviser LLC acquired a new stake in MarineMax during the fourth quarter worth $959,000. Finally, Crestline Management LP raised its position in MarineMax by 6.5% in the fourth quarter. Crestline Management LP now owns 26,634 shares of the specialty retailer’s stock worth $1,036,000 after purchasing an additional 1,634 shares in the last quarter. Institutional investors and hedge funds own 92.85% of the company’s stock.

MarineMax Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.35 and a current ratio of 1.28. The company has a 50-day moving average of $30.20 and a 200 day moving average of $31.44. The firm has a market cap of $565.97 million, a P/E ratio of 6.28 and a beta of 1.69.

About MarineMax

MarineMax, Inc operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates in two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, e-power yachts, pontoon boats, ski boats, jet boats, and other recreational boats.