Legato Capital Management LLC Lowers Stake in Malibu Boats, Inc. (NASDAQ:MBUU)

Key Points

• Legato Capital Management LLC has reduced its stake in Malibu Boats, Inc. by 46.9%, now holding approximately 0.08% of the company worth $512,000 after selling 14,716 shares.
• Several institutional investors have adjusted their holdings, with Homestead Advisers Corp increasing its stake by 15.3%, and Exchange Traded Concepts LLC growing its stake significantly by 58.5% during the first quarter.
• Malibu Boats reported a positive earnings surprise of $0.72 per share for the last quarter, exceeding the consensus estimate of $0.66, with revenue up 12.4% year-over-year.

Legato Capital Management LLC lowered its holdings in Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 46.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,686 shares of the company's stock after selling 14,716 shares during the quarter. Legato Capital Management LLC owned 0.08% of Malibu Boats worth $512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of MBUU. Pzena Investment Management LLC increased its position in shares of Malibu Boats by 0.8% during the 1st quarter. Pzena Investment Management LLC now owns 1,534,839 shares of the company's stock valued at $47,089,000 after purchasing an additional 11,486 shares during the last quarter. Wellington Management Group LLP increased its holdings in Malibu Boats by 3.8% during the fourth quarter. Wellington Management Group LLP now owns 1,533,605 shares of the company's stock valued at $57,648,000 after buying an additional 56,629 shares during the last quarter. Cooke & Bieler LP increased its stake in shares of Malibu Boats by 1.7% in the 1st quarter. Cooke & Bieler LP now owns 1,366,003 shares of the company's stock worth $41,909,000 after purchasing an additional 22,343 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its stake in shares of Malibu Boats by 1.0% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 719,717 shares of the company's stock worth $27,054,000 after purchasing an additional 6,865 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Malibu Boats by 10.6% in the 4th quarter. American Century Companies Inc. now owns 579,664 shares of the company's stock worth $21,790,000 after purchasing an additional 55,767 shares in the last quarter. Hedge funds and other institutional investors own 91.35% of the company's stock.

Wall Street Analyst Weigh In

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

Malibu Boats Price Performance

Shares of Malibu Boats stock traded down $0.52 during trading on Tuesday, reaching $34.83. 9,335 shares of the stock traded hands, compared to its average volume of 177,488. The company has a market capitalization of $668.29 million, a price-to-earnings ratio of -84.90 and a beta of 1.14. The business has a fifty day simple moving average of $32.59 and a two-hundred day simple moving average of $32.34. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.60 and a quick ratio of 0.61. Malibu Boats, Inc. has a 52-week low of $24.42 and a 52-week high of $47.82.

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