Parallel Advisors LLC Acquires Shares of 7,500,119 Malibu Boats, Inc. $MBUU

Key Points

• Parallel Advisors LLC disclosed a new stake in Malibu Boats, buying 7,500,119 shares valued at about $194.4 million. The holding makes up roughly 3.4% of its portfolio and is its third-largest position.
• Institutional ownership in Malibu Boats remains heavy, with hedge funds and other institutions owning about 91.35% of the company. Several other investors also increased or initiated positions during recent quarters.
• Malibu Boats reported a stronger-than-expected quarterly result, posting $0.56 EPS versus the $0.29 estimate and revenue of $235.7 million. Analyst sentiment is mixed, with the stock carrying an overall Hold rating and an average target price of $31.60.

Parallel Advisors LLC acquired a new stake in Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,500,119 shares of the company's stock, valued at approximately $194,403,000. Malibu Boats comprises approximately 3.4% of Parallel Advisors LLC's investment portfolio, making the stock its 3rd largest position. Parallel Advisors LLC owned approximately 40.32% of Malibu Boats at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in Malibu Boats by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 81,785 shares of the company's stock valued at $2,120,000 after buying an additional 4,112 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its stake in Malibu Boats by 4.4% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 694,763 shares of the company's stock worth $18,008,000 after buying an additional 29,390 shares during the period. Corient Private Wealth LLC purchased a new position in Malibu Boats during the fourth quarter worth $365,000. Invesco Ltd. increased its position in Malibu Boats by 0.8% during the fourth quarter. Invesco Ltd. now owns 53,074 shares of the company's stock valued at $1,497,000 after acquiring an additional 432 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Malibu Boats during the fourth quarter valued at $718,000. Hedge funds and other institutional investors own 91.35% of the company's stock.

Malibu Boats Price Performance

NASDAQ:MBUU opened at $28.17 on Monday. The company has a market cap of $553.26 million, a price-to-earnings ratio of -469.50 and a beta of 1.14. Malibu Boats, Inc. has a twelve month low of $23.84 and a twelve month high of $39.65. The company has a current ratio of 1.31, a quick ratio of 0.44 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $27.15 and a 200-day simple moving average of $28.12.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.29 by $0.27. Malibu Boats had a negative net margin of 0.11% and a positive return on equity of 3.28%. The company had revenue of $235.70 million for the quarter, compared to the consensus estimate of $203.46 million. During the same quarter last year, the firm posted $0.72 EPS. The firm's revenue was up 3.1% compared to the same quarter last year. Analysts anticipate that Malibu Boats, Inc. will post 1.34 EPS for the current year.

Analyst Ratings Changes

MBUU has been the subject of several analyst reports. DA Davidson restated a "neutral" rating and issued a $30.00 target price on shares of Malibu Boats in a report on Monday, June 15th. Zacks Research downgraded shares of Malibu Boats from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 9th. Wall Street Zen raised shares of Malibu Boats from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings downgraded shares of Malibu Boats from a "sell (d)" rating to a "sell (e+)" rating in a research note on Monday, May 11th. Finally, Truist Financial boosted their target price on Malibu Boats from $31.00 to $34.00 and gave the company a "hold" rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $31.60.

Malibu Boats Company 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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