Private Management Group Inc. Increases Position in OneWater Marine Inc. (NASDAQ:ONEW)

Key Points

• Private Management Group Inc. increased its holdings in OneWater Marine Inc. by 10.0%, owning 583,007 shares valued at approximately $9.43 million after purchasing an additional 53,019 shares in the first quarter.
• Multiple institutional investors significantly boosted their positions in OneWater Marine, with Jane Street Group LLC increasing its stake by 2,322.1% and GAMMA Investing LLC by 8,063.6% during the last reported periods.
• Analysts have lowered their price targets for OneWater Marine; Truist Financial and KeyCorp both set new targets at $16.00, reflecting a decrease amidst a challenging earnings report where the company missed consensus estimates.

Private Management Group Inc. lifted its position in OneWater Marine Inc. (NASDAQ:ONEW - Free Report) by 10.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 583,007 shares of the company's stock after acquiring an additional 53,019 shares during the period. Private Management Group Inc. owned 3.57% of OneWater Marine worth $9,433,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new position in shares of OneWater Marine during the fourth quarter worth $29,000. GAMMA Investing LLC increased its holdings in shares of OneWater Marine by 404.5% during the first quarter. GAMMA Investing LLC now owns 2,109 shares of the company's stock valued at $34,000 after purchasing an additional 1,691 shares during the period. Wells Fargo & Company MN raised its stake in OneWater Marine by 27.0% during the 4th quarter. Wells Fargo & Company MN now owns 7,194 shares of the company's stock valued at $125,000 after purchasing an additional 1,529 shares during the period. Raymond James Financial Inc. acquired a new position in OneWater Marine during the 4th quarter worth $199,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of OneWater Marine during the fourth quarter worth approximately $218,000. Hedge funds and other institutional investors own 94.32% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on ONEW shares. KeyCorp lowered their price target on shares of OneWater Marine from $22.00 to $16.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Truist Financial dropped their price target on OneWater Marine from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Robert W. Baird reduced their price target on OneWater Marine from $18.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Finally, Baird R W downgraded OneWater Marine from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $19.40.

Insider Activity

In related news, Director J Steven Roy purchased 5,001 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were bought at an average cost of $12.22 per share, for a total transaction of $61,112.22. Following the transaction, the director owned 25,761 shares of the company's stock, valued at $314,799.42. This represents a 24.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 20.30% of the stock is owned by corporate insiders.

OneWater Marine Stock Down 1.2%

Shares of NASDAQ:ONEW traded down $0.18 during trading on Monday, hitting $15.19. The stock had a trading volume of 77,260 shares, compared to its average volume of 154,145. The company has a market capitalization of $247.79 million, a PE ratio of -32.32 and a beta of 1.97. OneWater Marine Inc. has a 12 month low of $11.58 and a 12 month high of $30.74. The company has a quick ratio of 0.33, a current ratio of 1.20 and a debt-to-equity ratio of 1.05. The firm's fifty day moving average is $14.47 and its 200 day moving average is $15.42.

OneWater Marine (NASDAQ:ONEW - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.12). The business had revenue of $483.52 million for the quarter, compared to analysts' expectations of $498.73 million. OneWater Marine had a positive return on equity of 1.09% and a negative net margin of 0.39%. Analysts anticipate that OneWater Marine Inc. will post 1.57 EPS for the current fiscal year.

About OneWater Marine

OneWater Marine Inc operates as a recreational boat retailer in the United States. The company offers new and pre-owned recreational boats and yachts, as well as related marine products, such as parts and accessories. It provides boat repair and maintenance services. In addition, the company arranges boat financing and insurance; and other ancillary services, including indoor and outdoor storage, and marina services.