Kornitzer Capital Management Inc. KS reduces stake in Malibu Boats, Inc. (NASDAQ:MBU)

Kornitzer Capital Management Inc. KS reduced its position in shares of Malibu Boats, Inc. (NASDAQ:MBUU – Free Report) by 24.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,600 shares of the company’s stock after selling 4,300 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.07% of Malibu Boats worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. EntryPoint Capital LLC purchased a new position in shares of Malibu Boats in the first quarter worth $84,000. Central Pacific Bank Trust Division purchased a new position in Malibu Boats in the first quarter valued at $142,000. Benjamin Edwards Inc. boosted its holdings in Malibu Boats by 36.5% in the first quarter. Benjamin Edwards Inc. now owns 3,573 shares of the company’s stock valued at $155,000 after buying an additional 955 shares during the period. SG Americas Securities LLC purchased a new position in Malibu Boats in the second quarter valued at $139,000. Finally, Denali Advisors LLC acquired a new position in Malibu Boats in the first quarter valued at $221,000. 91.35% of the shares are currently held by hedge funds and other institutional investors.

Malibu Boat Supply Up 1.2%

MBUU opened at $36.20 on Friday. The company’s 50-day simple moving average is $35.24, and its 200-day simple moving average is $37.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.66, and a current ratio of 1.67. Malibu Boats, Inc. has a one year low of $30.20 and a one year high of $56.03. The stock has a market cap of $739.93 million, a P/E ratio of -13.56 and a beta of 1.40.

Malibu Boats (NASDAQ:MBUU – Get Your Free Report ) last released its quarterly earnings results on Thursday, August 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.07). Malibu Boats had a positive return on equity of 6.03% and a negative net margin of 6.74%. The company had revenue of $158.70 million for the quarter, compared to analysts’ expectations of $157.54 million. During the same period in the prior year, the business earned $2.96 EPS. The company’s quarterly revenue was down 57.4% compared to the same quarter last year. Analysts anticipate that Malibu Boats, Inc. will record 2.94 EPS for the current year.

Changes in Analyst Ratings

A number of research analysts recently issued reports on MBUU shares. StockNews.com lowered Malibu Boats from a “hold” rating to a “sell” rating in a report on Friday, August 30th. B. Riley cut their price target on Malibu Boats from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Truist Financial reiterated a “hold” rating and issued a $32.00 target price on shares of Malibu Boats in a report on Monday, July 8th. Benchmark began coverage on Malibu Boats in a report on Wednesday, May 22nd. They issued a “buy” rating and a $44.00 price target for the company. Finally, DA Davidson cut Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Malibu Boats presently has an average rating of “Hold” and a consensus price target of $40.00, according to MarketBeat.com.

Read our latest research report on MBUU

Malibu Boat Profile

(Free report)

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 supplies performance sport boats and inboard boats and outboards under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt brands.

Further reading

Get daily Malibu boat news and reviews – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Malibu Boats and related companies with MarketBeat.com’s FREE daily email newsletter.