Allspring Global Investments Holdings LLC Acquires 31,026 Shares of Malibu Boats, Inc. (NASDAQ:MBUU)

Allspring Global Investments Holdings LLC raised its stake in shares of Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 37.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,525 shares of the company's stock after buying an additional 31,026 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.56% of Malibu Boats worth $4,445,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Pzena Investment Management LLC purchased a new position in shares of Malibu Boats in the second quarter worth $51,800,000. The Manufacturers Life Insurance Company increased its position in Malibu Boats by 94.4% during the second quarter. The Manufacturers Life Insurance Company now owns 843,605 shares of the company's stock valued at $29,560,000 after acquiring an additional 409,574 shares during the last quarter. Lord Abbett & CO. LLC increased its position in Malibu Boats by 231.4% during the first quarter. Lord Abbett & CO. LLC now owns 312,731 shares of the company's stock valued at $13,535,000 after acquiring an additional 218,378 shares during the last quarter. Lodge Hill Capital LLC purchased a new stake in Malibu Boats during the second quarter valued at $4,866,000. Finally, Dimensional Fund Advisors LP increased its position in Malibu Boats by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,131,877 shares of the company's stock valued at $39,661,000 after acquiring an additional 111,699 shares during the last quarter. Hedge funds and other institutional investors own 91.35% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on MBUU. DA Davidson reissued a "buy" rating and set a $45.00 price target on shares of Malibu Boats in a report on Tuesday, September 10th. 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 set a $32.00 target price on shares of Malibu Boats in a research report on Monday, July 8th. Finally, StockNews.com cut Malibu Boats from a "hold" rating to a "sell" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $40.00.

Malibu Boats Stock Up 1.1 %

NASDAQ MBUU traded up $0.45 during trading on Tuesday, hitting $42.36. 129,721 shares of the stock traded hands, compared to its average volume of 253,368. The company has a market capitalization of $865.84 million, a P/E ratio of -15.70 and a beta of 1.38. The firm has a 50-day simple moving average of $38.46 and a 200-day simple moving average of $36.48. Malibu Boats, Inc. has a 12-month low of $30.20 and a 12-month high of $56.03.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last posted its quarterly earnings data on Thursday, August 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.07). The company had revenue of $158.70 million during the quarter, compared to the consensus estimate of $157.54 million. Malibu Boats had a negative net margin of 6.74% and a positive return on equity of 6.21%. Malibu Boats's revenue for the quarter was down 57.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.96 earnings per share. As a group, research analysts predict that Malibu Boats, Inc. will post 1.98 EPS for the current fiscal year.

Malibu Boats Company Profile

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 provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands.