Bank of New York Mellon Corp Invests $1.97 Million in Mastercraft Boat Holdings, Inc. $MCFT

Key Points

• Bank of New York Mellon acquired 76,284 shares of MasterCraft Boat Holdings, worth approximately $1.97 million, giving it a 0.47% stake. Institutional investors collectively own 97.64% of MCFT.
• MCFT shares opened at $23.53, with a market capitalization of about $383 million and a 52-week trading range of $17.19 to $28.44.
• Analysts maintain a consensus “Hold” rating, with an average price target of $26.33; Truist Financial recently raised its target to $28 from $25.

Bank of New York Mellon Corp acquired a new stake in shares of Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 76,284 shares of the company's stock, valued at approximately $1,970,000. Bank of New York Mellon Corp owned about 0.47% of Mastercraft Boat at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCFT. State of Wyoming acquired a new stake in Mastercraft Boat in the second quarter worth about $239,000. Hennion & Walsh Asset Management Inc. purchased a new stake in Mastercraft Boat in the second quarter valued at approximately $231,000. Empowered Funds LLC raised its position in Mastercraft Boat by 20.8% during the 1st quarter. Empowered Funds LLC now owns 51,648 shares of the company's stock worth $1,059,000 after buying an additional 8,877 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Mastercraft Boat by 40.0% in the 1st quarter. Bank of America Corp DE now owns 55,529 shares of the company's stock valued at $1,139,000 after acquiring an additional 15,871 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in Mastercraft Boat by 26.0% during the first quarter. Quantinno Capital Management LP now owns 62,674 shares of the company's stock valued at $1,285,000 after purchasing an additional 12,945 shares during the period. 97.64% of the stock is currently owned by hedge funds and other institutional investors.

Mastercraft Boat Price Performance

Shares of NASDAQ:MCFT opened at $23.53 on Wednesday. Mastercraft Boat Holdings, Inc. has a 1 year low of $17.19 and a 1 year high of $28.44. The firm has a market capitalization of $383.07 million, a price-to-earnings ratio of 34.60 and a beta of 1.07. The business's 50 day moving average price is $24.39 and its 200-day moving average price is $23.19.

Analysts Set New Price Targets

A number of brokerages have recently commented on MCFT. Weiss Ratings upgraded Mastercraft Boat from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 7th. Zacks Research lowered Mastercraft Boat from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Truist Financial raised their price objective on shares of Mastercraft Boat from $25.00 to $28.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $26.33.

Mastercraft Boat Company Profile

MasterCraft Boat Holdings, Inc NASDAQ: MCFT is a designer, manufacturer and marketer of high-performance recreational powerboats. The company's portfolio includes the MasterCraft®, Aviara®, Crest® Classic and Supra® brands, each of which features multiple model lines tailored for activities such as wakeboarding, waterskiing, cruising and luxury day boating. MasterCraft oversees the full product lifecycle from hull design and propulsion engineering to interior appointments and final assembly.

Founded in 1968 and headquartered in Vonore, Tennessee, MasterCraft has built a reputation for innovation in hull design, ballast systems and tower architecture to enhance wake performance and ride quality.

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