Parallel Advisors LLC Makes New Investment in Malibu Boats, Inc. $MBUU

Parallel Advisors LLC bought a new position in Malibu Boats, Inc. (NASDAQ:MBUU) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 7,500,119 shares of the company’s stock, valued at approximately $194,403,000. Malibu Boats accounts for 3.4% of Parallel Advisors LLC’s holdings, making the stock its 3rd biggest holding. Parallel Advisors LLC owned 0.40% of Malibu Boats at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MBUU. AQR Capital Management LLC raised its holdings in shares of Malibu Boats by 25.3% in the first quarter. AQR Capital Management LLC now owns 11,815 shares of the company’s stock valued at $362,000 after acquiring an additional 2,389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Malibu Boats by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,590 shares of the company’s stock valued at $356,000 after purchasing an additional 491 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Malibu Boats by 8.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 57,132 shares of the company’s stock valued at $1,753,000 after purchasing an additional 4,496 shares in the last quarter. Strs Ohio bought a new stake in shares of Malibu Boats in the 1st quarter valued at about $123,000. Finally, Creative Planning lifted its position in shares of Malibu Boats by 5.0% in the 2nd quarter. Creative Planning now owns 9,471 shares of the company’s stock worth $297,000 after purchasing an additional 453 shares during the period. Institutional investors own 91.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MBUU shares. Weiss Ratings lowered shares of Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a report on Monday, May 11th. DA Davidson reaffirmed a “neutral” rating and set a $30.00 target price on shares of Malibu Boats in a research report 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. Finally, Truist Financial raised their price objective 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 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 stock presently has an average rating of “Hold” and a consensus target price of $31.60.

Malibu Boats Stock Performance

NASDAQ:MBUU opened at $28.17 on Monday. The stock has a market capitalization of $553.26 million, a price-to-earnings ratio of -469.50 and a beta of 1.14. Malibu Boats, Inc. has a 52 week low of $23.84 and a 52 week high of $39.65. The company has a quick ratio of 0.44, a current ratio of 1.31 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $27.15 and a 200 day moving average of $28.12.

Malibu Boats (NASDAQ:MBUU) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.27. The business had revenue of $235.70 million for the quarter, compared to analyst estimates of $203.46 million. Malibu Boats had a negative net margin of 0.11% and a positive return on equity of 3.28%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.72 earnings per share. As a group, sell-side analysts anticipate that Malibu Boats, Inc. will post 1.34 earnings per share for the current fiscal year.

About Malibu Boats

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.