Bank of New York Mellon Corp Has $10.32 Million Stock Holdings in Malibu Boats, Inc. (NASDAQ:MBUU)

Bank of New York Mellon Corp cut its stake in Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 23.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 336,475 shares of the company's stock after selling 104,354 shares during the period. Bank of New York Mellon Corp owned approximately 1.71% of Malibu Boats worth $10,323,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Heck Capital Advisors LLC purchased a new stake in shares of Malibu Boats in the fourth quarter worth approximately $38,000. Quarry LP purchased a new stake in shares of Malibu Boats in the fourth quarter worth approximately $45,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Malibu Boats in the fourth quarter worth approximately $150,000. GAMMA Investing LLC raised its stake in shares of Malibu Boats by 2,154.4% in the first quarter. GAMMA Investing LLC now owns 4,847 shares of the company's stock worth $158,000 after purchasing an additional 4,632 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of Malibu Boats in the fourth quarter worth approximately $207,000. 91.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MBUU shares. Wall Street Zen raised Malibu Boats from a "sell" rating to a "hold" rating in a report on Tuesday, April 15th. DA Davidson started coverage on Malibu Boats in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $33.00 price target for the company. Truist Financial cut their price target on Malibu Boats from $38.00 to $28.00 and set a "hold" rating for the company in a report on Monday, April 14th. Baird R W lowered Malibu Boats from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Robert W. Baird reissued a "neutral" rating and set a $32.00 price objective (down previously from $50.00) on shares of Malibu Boats in a research note on Friday, April 4th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $36.40.

Malibu Boats Stock Up 1.0%

MBUU stock opened at $33.23 on Tuesday. The stock has a market capitalization of $637.68 million, a P/E ratio of -81.05 and a beta of 1.14. The firm has a 50-day simple moving average of $32.22 and a 200-day simple moving average of $32.35. The company has a quick ratio of 0.61, a current ratio of 1.60 and a debt-to-equity ratio of 0.05. Malibu Boats, Inc. has a 52 week low of $24.43 and a 52 week high of $47.82.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.06. The firm had revenue of $228.66 million during the quarter, compared to analysts' expectations of $226.44 million. Malibu Boats had a negative net margin of 1.19% and a positive return on equity of 1.66%. The firm's quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. Equities analysts forecast that Malibu Boats, Inc. will post 1.69 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.