Malibu Boats, Inc. $MBUU Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management cut its Malibu Boats stake by 11.8% in the second quarter, selling 165,536 shares and retaining 1.24 million shares valued at approximately $34.0 million. Institutional investors collectively own 91.35% of the company.
• Malibu Boats exceeded quarterly expectations, reporting $0.92 in EPS versus the $0.78 consensus and $295.54 million in revenue, up 42.8% year over year.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and a consensus price target of $31.60, compared with a recent share price of $27.88.

Wellington Management Group LLP reduced its position in Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,237,871 shares of the company's stock after selling 165,536 shares during the quarter. Wellington Management Group LLP owned approximately 6.30% of Malibu Boats worth $33,955,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC purchased a new stake in Malibu Boats during the 1st quarter worth about $194,403,000. Bank of America Corp DE raised its holdings in Malibu Boats by 44.6% in the first quarter. Bank of America Corp DE now owns 343,042 shares of the company's stock valued at $8,892,000 after acquiring an additional 105,734 shares in the last quarter. Empowered Funds LLC purchased a new position in Malibu Boats in the first quarter worth approximately $2,321,000. Bank of New York Mellon Corp purchased a new stake in shares of Malibu Boats in the 2nd quarter valued at approximately $2,384,000. Finally, Twin Lions Management LLC increased its position in shares of Malibu Boats by 8.2% in the 4th quarter. Twin Lions Management LLC now owns 1,138,053 shares of the company's stock valued at $32,104,000 after purchasing an additional 85,951 shares during 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 opened at $27.88 on Friday. The stock has a market capitalization of $548.68 million, a P/E ratio of 398.29 and a beta of 1.15. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.60 and a current ratio of 1.43. Malibu Boats, Inc. has a 1 year low of $23.84 and a 1 year high of $35.06. The company's fifty day moving average is $27.86 and its two-hundred day moving average is $27.29.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last released its earnings results on Thursday, August 27th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.78 by $0.14. The company had revenue of $295.54 million during the quarter, compared to analysts' expectations of $263.89 million. Malibu Boats had a net margin of 0.18% and a return on equity of 4.78%. The business's revenue was up 42.8% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. On average, sell-side analysts predict that Malibu Boats, Inc. will post 2.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MBUU. DA Davidson reiterated a "neutral" rating and set a $30.00 target price on shares of Malibu Boats in a research note on Monday, June 15th. Zacks Research downgraded Malibu Boats from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 9th. Wall Street Zen raised Malibu Boats from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Truist Financial boosted their target price on Malibu Boats from $31.00 to $34.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Malibu Boats in a report on Monday. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $31.60.

Malibu Boats Profile

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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