Bank of America Corp DE Trims Position in Malibu Boats Inc (MBUU)

Bank of America Corp DE decreased its holdings in Malibu Boats Inc (NASDAQ:MBUU) by 7.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 219,712 shares of the company’s stock after selling 18,340 shares during the quarter. Bank of America Corp DE’s holdings in Malibu Boats were worth $9,214,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Alps Advisors Inc. raised its position in Malibu Boats by 25.3% in the 2nd quarter. Alps Advisors Inc. now owns 17,447 shares of the company’s stock valued at $519,000 after purchasing an additional 3,519 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in Malibu Boats in the 1st quarter valued at $130,000. Northern Trust Corp raised its position in Malibu Boats by 1.6% in the 1st quarter. Northern Trust Corp now owns 280,710 shares of the company’s stock valued at $9,323,000 after purchasing an additional 4,353 shares during the last quarter. Affinity Investment Advisors LLC purchased a new stake in Malibu Boats in the 2nd quarter valued at $229,000. Finally, Brown Advisory Inc. purchased a new stake in Malibu Boats in the 2nd quarter valued at $235,000. Hedge funds and other institutional investors own 97.82% of the company’s stock.

Shares of Malibu Boats stock opened at $47.36 on Friday. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 18.79, a PEG ratio of 1.15 and a beta of 1.11. The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.78. Malibu Boats Inc has a one year low of $27.44 and a one year high of $59.57.

Malibu Boats (NASDAQ:MBUU) last announced its quarterly earnings data on Thursday, September 6th. The company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.17. The company had revenue of $138.66 million during the quarter, compared to the consensus estimate of $122.65 million. Malibu Boats had a net margin of 5.56% and a return on equity of 43.60%. Malibu Boats’s quarterly revenue was up 84.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, equities research analysts forecast that Malibu Boats Inc will post 3.18 earnings per share for the current year.

Several analysts recently commented on the stock. BidaskClub downgraded shares of Malibu Boats from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 22nd. B. Riley upped their price target on shares of Malibu Boats from $41.00 to $46.50 and gave the company a “neutral” rating in a research report on Friday, September 7th. ValuEngine downgraded shares of Malibu Boats from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Zacks Investment Research downgraded shares of Malibu Boats from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, SunTrust Banks upped their price target on shares of Malibu Boats to $60.00 and gave the company a “buy” rating in a research report on Friday, September 7th. One analyst has rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $57.14.

In other Malibu Boats news, Director Phillip S. Estes sold 80,000 shares of the company’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $52.87, for a total transaction of $4,229,600.00. Following the completion of the transaction, the director now owns 28,298 shares in the company, valued at approximately $1,496,115.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jackie D. Jr. Springer sold 95,985 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $52.81, for a total transaction of $5,068,967.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,823 shares of company stock valued at $11,390,169. 3.35% of the stock is owned by insiders.

Malibu Boats Profile

Malibu Boats, Inc designs, manufactures, distributes, markets, and sells recreational powerboats. The company offers performance sport boats under the Malibu and Axis brand names; and sterndrives and outboard boats under the Cobalt brand name. Its boats are used for water sports, including water skiing, wakeboarding, and wake surfing, as well as general recreational boating.

Further Reading: Return on Investment (ROI) Defined, Explained

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Institutional Ownership by Quarter for Malibu Boats (NASDAQ:MBUU)

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