Allspring Global Investments Holdings LLC Sells 5,364 Shares of Malibu Boats, Inc. (NASDAQ:MBUU)

Allspring Global Investments Holdings LLC cut its stake in shares of Malibu Boats, Inc. (NASDAQ:MBUU) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 125,483 shares of the company’s stock after selling 5,364 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.61% of Malibu Boats worth $7,361,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MBUU. Intrust Bank NA bought a new stake in Malibu Boats during the 1st quarter worth approximately $217,000. SkyOak Wealth LLC bought a new stake in Malibu Boats during the 1st quarter worth approximately $226,000. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in Malibu Boats by 49.1% during the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 115,933 shares of the company’s stock worth $6,544,000 after acquiring an additional 38,167 shares during the last quarter. Nordea Investment Management AB grew its holdings in Malibu Boats by 0.3% during the 1st quarter. Nordea Investment Management AB now owns 97,272 shares of the company’s stock worth $5,360,000 after acquiring an additional 273 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in Malibu Boats during the 1st quarter worth approximately $394,000. 91.35% of the stock is owned by institutional investors.

Malibu Boats Stock Up 2.8 %

Malibu Boats stock opened at $44.82 on Thursday. Malibu Boats, Inc. has a 12-month low of $42.91 and a 12-month high of $65.45. The firm’s fifty day moving average is $48.76 and its 200 day moving average is $53.88. The company has a market capitalization of $920.56 million, a PE ratio of 8.86 and a beta of 1.58.

Malibu Boats (NASDAQ:MBUU) last released its earnings results on Tuesday, August 29th. The company reported $2.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.72. Malibu Boats had a net margin of 7.53% and a return on equity of 32.27%. The company had revenue of $372.30 million for the quarter, compared to the consensus estimate of $327.79 million. During the same quarter in the previous year, the company earned $2.35 EPS. Malibu Boats’s quarterly revenue was up 5.4% compared to the same quarter last year. Sell-side analysts expect that Malibu Boats, Inc. will post 5.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. TheStreet lowered shares of Malibu Boats from a “b-” rating to a “c+” rating in a report on Tuesday, August 29th. Raymond James dropped their price target on shares of Malibu Boats from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday. Robert W. Baird dropped their price target on shares of Malibu Boats from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 30th. KeyCorp dropped their price target on shares of Malibu Boats from $65.00 to $58.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, B. Riley dropped their price target on shares of Malibu Boats from $69.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.43.

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.