Allspring Global Investments Holdings LLC Cuts Holdings in Malibu Boats, Inc. (NASDAQ:MBUU)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 47.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,878 shares of the company's stock after selling 57,833 shares during the period. Allspring Global Investments Holdings LLC owned 0.33% of Malibu Boats worth $1,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the company. Heck Capital Advisors LLC bought a new position in Malibu Boats during the 4th quarter worth approximately $38,000. Quarry LP bought a new position in Malibu Boats during the fourth quarter valued at about $45,000. KLP Kapitalforvaltning AS bought a new position in shares of Malibu Boats in the fourth quarter worth about $150,000. GAMMA Investing LLC increased 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 period. Finally, ProShare Advisors LLC bought a new stake in shares of Malibu Boats in the 4th quarter valued at approximately $207,000. Institutional investors and hedge funds own 91.35% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on MBUU shares. KeyCorp lowered Malibu Boats from an "overweight" rating to a "sector weight" rating in a research report on Thursday, March 20th. Robert W. Baird restated a "neutral" rating and set a $32.00 price objective (down previously from $50.00) on shares of Malibu Boats in a report on Friday, April 4th. Baird R W cut Malibu Boats from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Wall Street Zen raised shares of Malibu Boats from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Finally, Truist Financial cut their price target on shares of Malibu Boats from $38.00 to $28.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $36.40.

Malibu Boats Trading Down 1.3%

Malibu Boats stock traded down $0.46 during mid-day trading on Friday, hitting $35.17. The company's stock had a trading volume of 110,063 shares, compared to its average volume of 198,798. Malibu Boats, Inc. has a one year low of $24.43 and a one year high of $47.82. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.61 and a current ratio of 1.60. The company has a 50 day moving average of $31.77 and a 200-day moving average of $32.56. The stock has a market cap of $674.91 million, a PE ratio of -85.78 and a beta of 1.14.

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