BlackRock Inc. Buys Shares of 1,428,953 Mastercraft Boat Holdings, Inc. $MCFT

Key Points

• BlackRock initiated a position of 1,428,953 MasterCraft Boat shares valued at approximately $36.9 million, representing about 8.78% of the company. Institutional investors collectively own 97.64% of MCFT.
• Analyst sentiment remains cautious: five analysts rate the stock Hold, with a consensus price target of $26.33. Recent actions included Truist raising its target to $28 and Zacks downgrading the stock to Hold.
• MasterCraft shares opened at $23.01, down 1.2%, with a market capitalization of roughly $374.6 million. The stock has traded between $17.19 and $28.44 over the past year.

BlackRock Inc. purchased a new position in Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,428,953 shares of the company's stock, valued at approximately $36,896,000. BlackRock Inc. owned approximately 8.78% of Mastercraft Boat at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG purchased a new stake in shares of Mastercraft Boat during the 2nd quarter valued at $465,000. Bank of New York Mellon Corp purchased a new position in Mastercraft Boat in the second quarter worth $1,970,000. State of Wyoming bought a new position in Mastercraft Boat in the second quarter valued at $239,000. Hennion & Walsh Asset Management Inc. bought a new position in Mastercraft Boat in the second quarter valued at $231,000. Finally, Empowered Funds LLC raised its position in Mastercraft Boat by 20.8% during the first quarter. Empowered Funds LLC now owns 51,648 shares of the company's stock valued at $1,059,000 after purchasing an additional 8,877 shares in the last quarter. Institutional investors own 97.64% of the company's stock.

Analyst Ratings Changes

MCFT has been the subject of a number of research reports. Truist Financial upped their price objective on Mastercraft Boat from $25.00 to $28.00 and gave the stock a "hold" rating in a report on Monday, July 6th. Robert W. Baird set a $30.00 price objective on Mastercraft Boat in a report on Friday, May 8th. Weiss Ratings upgraded Mastercraft Boat from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 7th. Finally, Zacks Research lowered Mastercraft Boat from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Mastercraft Boat presently has a consensus rating of "Hold" and an average price target of $26.33.

Mastercraft Boat Stock Down 1.2%

Mastercraft Boat stock opened at $23.01 on Wednesday. The firm has a fifty day simple moving average of $24.56 and a two-hundred day simple moving average of $23.19. Mastercraft Boat Holdings, Inc. has a twelve month low of $17.19 and a twelve month high of $28.44. The company has a market capitalization of $374.60 million, a PE ratio of 33.84 and a beta of 1.07.

Mastercraft Boat 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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