The Manufacturers Life Insurance Company Has $24.62 Million Stock Position in Malibu Boats, Inc. (NASDAQ:MBUU)

The Manufacturers Life Insurance Company cut its holdings in Malibu Boats, Inc. (NASDAQ:MBUU) by 24.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 634,290 shares of the company’s stock after selling 209,315 shares during the period. The Manufacturers Life Insurance Company’s holdings in Malibu Boats were worth $24,617,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Studio Investment Management LLC increased its stake in Malibu Boats by 264.4% during the 2nd quarter. Studio Investment Management LLC now owns 707 shares of the company’s stock worth $25,000 after acquiring an additional 513 shares during the period. nVerses Capital LLC bought a new position in shares of Malibu Boats in the third quarter worth $74,000. SG Americas Securities LLC acquired a new position in Malibu Boats in the second quarter valued at about $139,000. Benjamin Edwards Inc. raised its stake in Malibu Boats by 43.1% in the second quarter. Benjamin Edwards Inc. now owns 5,112 shares of the company’s stock valued at $179,000 after purchasing an additional 1,539 shares in the last quarter. Finally, US Bancorp DE grew its stake in Malibu Boats by 851.7% during the third quarter. US Bancorp DE now owns 5,434 shares of the company’s stock worth $211,000 after buying an additional 4,863 shares in the last quarter. 91.35% of the stock is owned by institutional investors.

Malibu Boats Price Performance

Malibu Boats stock opened at $43.35 on Friday. The stock has a 50-day moving average price of $41.47 and a two-hundred day moving average price of $37.83. Malibu Boats, Inc. has a 12 month low of $30.20 and a 12 month high of $56.03. The company has a market capitalization of $854.65 million, a PE ratio of -10.89 and a beta of 1.36. The company has a current ratio of 1.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.05.

Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.16. Malibu Boats had a negative net margin of 10.90% and a positive return on equity of 2.39%. The business had revenue of $171.60 million during the quarter, compared to analyst estimates of $165.33 million. During the same quarter last year, the business earned $1.07 EPS. The firm’s quarterly revenue was down 32.9% on a year-over-year basis. Analysts expect that Malibu Boats, Inc. will post 2.01 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MBUU. Benchmark restated 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 upped their target price on Malibu Boats from $40.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Truist Financial lifted their price target on Malibu Boats from $32.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, November 1st. DA Davidson downgraded Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Friday, November 1st. Finally, StockNews.com upgraded Malibu Boats to a “sell” rating in a research report on Saturday, November 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.57.

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.