Truist Financial Lowers Malibu Boats (NASDAQ:MBUU) Price Target to $34.00

Malibu Boats (NASDAQ:MBUU) had its target price lowered by research analysts at Truist Financial from $42.00 to $34.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective suggests a potential downside of 5.40% from the stock’s previous close.

Several other research analysts also recently commented on the stock. DA Davidson downgraded shares of Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Friday, November 1st. StockNews.com raised Malibu Boats to a “sell” rating in a research report on Saturday, November 2nd. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of Malibu Boats in a research report on Friday, November 1st. Robert W. Baird raised their price objective on shares of Malibu Boats from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, KeyCorp raised their price objective on Malibu Boats from $38.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $43.43.

Malibu Boats Stock Performance

Shares of Malibu Boats stock traded down $0.69 during trading hours on Tuesday, hitting $35.94. 28,516 shares of the company’s stock traded hands, compared to its average volume of 73,276. The company has a fifty day simple moving average of $41.34 and a 200-day simple moving average of $38.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.55 and a quick ratio of 0.52. The stock has a market capitalization of $708.56 million, a price-to-earnings ratio of -9.03 and a beta of 1.32. Malibu Boats has a 12-month low of $30.20 and a 12-month high of $54.31.

Malibu Boats (NASDAQ:MBUU) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.16. The company had revenue of $171.60 million for the quarter, compared to analyst estimates of $165.33 million. Malibu Boats had a negative net margin of 10.90% and a positive return on equity of 2.39%. The company’s quarterly revenue was down 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Equities research analysts anticipate that Malibu Boats will post 2.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Malibu Boats

Several hedge funds and other institutional investors have recently modified their holdings of MBUU. Pzena Investment Management LLC boosted its stake in shares of Malibu Boats by 5.2% in the third quarter. Pzena Investment Management LLC now owns 1,555,331 shares of the company’s stock worth $60,362,000 after buying an additional 77,015 shares during the last quarter. Wellington Management Group LLP grew its position in Malibu Boats by 154.8% during the third quarter. Wellington Management Group LLP now owns 1,476,976 shares of the company’s stock valued at $57,321,000 after buying an additional 897,387 shares during the period. Dimensional Fund Advisors LP grew its position in Malibu Boats by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,131,877 shares of the company’s stock valued at $39,661,000 after buying an additional 111,699 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Malibu Boats by 94.4% in the second quarter. The Manufacturers Life Insurance Company now owns 843,605 shares of the company’s stock worth $29,560,000 after acquiring an additional 409,574 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Malibu Boats by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 576,070 shares of the company’s stock worth $22,361,000 after acquiring an additional 43,769 shares in the last quarter. 91.35% of the stock is owned by hedge funds and other institutional investors.

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.