86,914 Shares in Malibu Boats, Inc. $MBUU Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 86,914 Malibu Boats shares worth approximately $2.38 million in the second quarter, giving it a 0.44% stake. Institutional investors collectively own 91.35% of the company.
• Malibu Boats reported quarterly EPS of $0.92, beating estimates of $0.78, while revenue reached $295.54 million—up 42.8% year over year and above analyst expectations.
• Analysts maintain a consensus “Hold” rating with a $31.60 price target; MBUU recently traded at $27.88, with ratings ranging from Buy to Sell.

Bank of New York Mellon Corp acquired a new stake in Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 86,914 shares of the company's stock, valued at approximately $2,384,000. Bank of New York Mellon Corp owned 0.44% of Malibu Boats at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Malibu Boats during the second quarter worth about $222,000. Central Pacific Bank Trust Division raised its position in Malibu Boats by 13.5% during the 2nd quarter. Central Pacific Bank Trust Division now owns 5,304 shares of the company's stock worth $145,000 after buying an additional 630 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Malibu Boats by 44.6% in the 1st quarter. Bank of America Corp DE now owns 343,042 shares of the company's stock worth $8,892,000 after acquiring an additional 105,734 shares during the period. Empowered Funds LLC acquired a new stake in shares of Malibu Boats in the 1st quarter worth $2,321,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of Malibu Boats by 10.6% in the first quarter. Quantinno Capital Management LP now owns 29,284 shares of the company's stock valued at $759,000 after acquiring an additional 2,796 shares in the last quarter. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

Malibu Boats Stock Performance

Shares of MBUU stock opened at $27.88 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.31. Malibu Boats, Inc. has a fifty-two week low of $23.84 and a fifty-two week high of $35.06. The firm's 50 day moving average price is $27.85 and its two-hundred day moving average price is $27.23. The stock has a market cap of $548.68 million, a price-to-earnings ratio of 398.29 and a beta of 1.15.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last released its quarterly earnings data on Thursday, August 27th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.78 by $0.14. The company had revenue of $295.54 million for the quarter, compared to analyst estimates of $263.89 million. Malibu Boats had a return on equity of 4.78% and a net margin of 0.18%.The firm's revenue was up 42.8% compared to the same quarter last year. During the same period last year, the company posted $0.42 earnings per share. On average, analysts anticipate that Malibu Boats, Inc. will post 2.27 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MBUU. DA Davidson reissued a "neutral" rating and set a $30.00 price target on shares of Malibu Boats in a research note on Monday, June 15th. Benchmark reaffirmed a "buy" rating on shares of Malibu Boats in a report on Friday, August 28th. Raymond James Financial reiterated a "market perform" rating on shares of Malibu Boats in a research report on Monday, August 31st. Truist Financial upped their target price on Malibu Boats from $31.00 to $34.00 and gave the company a "hold" rating in a report on Monday, July 6th. Finally, Weiss Ratings upgraded Malibu Boats from a "sell (e+)" rating to a "sell (d)" rating in a research report on Thursday, August 27th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $31.60.

About Malibu Boats

Malibu Boats, Inc is a leading designer, manufacturer and distributor of performance sport boats for the recreational boating market. The company's product portfolio includes the premium Malibu® brand and the value-oriented Axis® Wake Research line, as well as Cobalt® boats following its 2020 acquisition. Malibu's vessels are engineered to serve water-sports enthusiasts, with models optimized for wakeboarding, wakesurfing and waterskiing.

Founded in 1982 by water-sports enthusiast Jack Springer, Malibu Boats is headquartered in Loudon, Tennessee.

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