MarineMax (HZO) Rating Increased to Buy at Zacks Investment Research

MarineMax (NYSE:HZO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $23.00 price target on the specialty retailer’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.57% from the company’s previous close.

According to Zacks, “MarineMax, Inc. is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Crest, Scout, Sailfish, Sea Pro, Scarab Jet Boats, Aquila, and Nautique, MarineMax sells new and used recreational boats and related marine products and services as well as provides yacht brokerage and charter services. MarineMax currently has 62 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. “

Other equities analysts have also issued reports about the stock. Wedbush reduced their target price on shares of MarineMax from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Friday, July 27th. Craig Hallum lowered shares of MarineMax from a “buy” rating to a “hold” rating in a research report on Monday, June 25th. Citigroup cut their price objective on shares of MarineMax from $28.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, August 15th. ValuEngine upgraded shares of MarineMax from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Finally, B. Riley cut their price objective on shares of MarineMax from $26.00 to $23.50 and set a “neutral” rating on the stock in a report on Tuesday, June 26th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $24.50.

Shares of HZO stock opened at $19.73 on Thursday. MarineMax has a 1 year low of $15.05 and a 1 year high of $25.05. The company has a market cap of $555.63 million, a PE ratio of 19.73 and a beta of 1.30.

MarineMax (NYSE:HZO) last announced its earnings results on Thursday, July 26th. The specialty retailer reported $0.79 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.79. MarineMax had a net margin of 2.83% and a return on equity of 10.83%. The company had revenue of $361.25 million for the quarter, compared to analyst estimates of $370.13 million. During the same period in the prior year, the business earned $0.57 earnings per share. MarineMax’s quarterly revenue was up 9.5% on a year-over-year basis. Research analysts anticipate that MarineMax will post 1.51 EPS for the current fiscal year.

In related news, Director Joseph Allen Watters sold 2,500 shares of the stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $21.17, for a total value of $52,925.00. Following the transaction, the director now directly owns 62,413 shares in the company, valued at $1,321,283.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in HZO. Louisiana State Employees Retirement System acquired a new position in MarineMax in the second quarter valued at approximately $190,000. Trexquant Investment LP bought a new stake in MarineMax in the second quarter valued at approximately $202,000. Hsbc Holdings PLC bought a new stake in MarineMax in the first quarter valued at approximately $241,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in MarineMax in the second quarter valued at approximately $285,000. Finally, Engineers Gate Manager LP bought a new stake in MarineMax in the second quarter valued at approximately $306,000. Institutional investors and hedge funds own 89.20% of the company’s stock.

About MarineMax

MarineMax, Inc operates as a recreational boat and yacht retailer in the United States. It sells new and used recreational boats, including pleasure boats, such as sport boats, sport cruisers, sport yachts, and other yachts; motor yachts; convertible yachts; pleasure boats; pontoon boats; fishing boats; ski boats; and jet boats.

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