MasterCraft Boat (NASDAQ:MCFT) Price Target Cut to $29.00

MasterCraft Boat (NASDAQ:MCFT) had its price target decreased by equities researchers at Stifel Nicolaus from $33.00 to $29.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 39.49% from the stock’s previous close.

A number of other brokerages have also recently weighed in on MCFT. TheStreet cut shares of MasterCraft Boat from a “b” rating to a “c+” rating in a report on Wednesday, September 6th. DA Davidson cut their price objective on shares of MasterCraft Boat from $29.00 to $22.00 and set a “neutral” rating on the stock in a report on Friday, September 1st. Robert W. Baird cut their price objective on shares of MasterCraft Boat from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, August 31st. Truist Financial cut their price objective on shares of MasterCraft Boat from $23.00 to $20.00 and set a “hold” rating on the stock in a report on Tuesday, October 17th. Finally, StockNews.com initiated coverage on shares of MasterCraft Boat in a report on Thursday, October 5th. They issued a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, MasterCraft Boat has an average rating of “Moderate Buy” and an average price target of $24.83.

MasterCraft Boat Stock Performance

Shares of NASDAQ:MCFT opened at $20.79 on Tuesday. The company has a market cap of $357.65 million, a price-to-earnings ratio of 5.32 and a beta of 1.79. The company has a 50-day moving average price of $21.92 and a 200-day moving average price of $26.28. The company has a current ratio of 1.91, a quick ratio of 1.34 and a debt-to-equity ratio of 0.26. MasterCraft Boat has a 12 month low of $19.25 and a 12 month high of $35.29.

MasterCraft Boat (NASDAQ:MCFT) last announced its quarterly earnings results on Wednesday, August 30th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.30. MasterCraft Boat had a net margin of 10.41% and a return on equity of 54.60%. The company had revenue of $166.57 million for the quarter, compared to analysts’ expectations of $161.88 million. As a group, equities analysts anticipate that MasterCraft Boat will post 1.68 EPS for the current year.

Insider Activity

In other news, major shareholder Coliseum Capital Management, L purchased 132,146 shares of the business’s stock in a transaction dated Thursday, September 28th. The shares were purchased at an average price of $22.07 per share, for a total transaction of $2,916,462.22. Following the completion of the acquisition, the insider now directly owns 2,001,411 shares in the company, valued at approximately $44,171,140.77. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its position in MasterCraft Boat by 1.5% during the first quarter. Rhumbline Advisers now owns 24,453 shares of the company’s stock valued at $744,000 after purchasing an additional 367 shares during the period. Strs Ohio lifted its position in MasterCraft Boat by 2.2% during the first quarter. Strs Ohio now owns 18,400 shares of the company’s stock valued at $559,000 after purchasing an additional 400 shares during the period. Meeder Asset Management Inc. lifted its position in MasterCraft Boat by 44.7% during the fourth quarter. Meeder Asset Management Inc. now owns 1,435 shares of the company’s stock valued at $37,000 after purchasing an additional 443 shares during the period. Tower Research Capital LLC TRC lifted its position in MasterCraft Boat by 143.8% during the first quarter. Tower Research Capital LLC TRC now owns 829 shares of the company’s stock valued at $25,000 after purchasing an additional 489 shares during the period. Finally, Versor Investments LP lifted its position in MasterCraft Boat by 3.6% during the first quarter. Versor Investments LP now owns 14,298 shares of the company’s stock valued at $435,000 after purchasing an additional 500 shares during the period. Institutional investors own 97.64% of the company’s stock.

About MasterCraft Boat

MasterCraft Boat Holdings, Inc, through its subsidiaries, designs, manufactures, and markets recreational powerboats. It operates through MasterCraft, Crest, and Aviara segments. The MasterCraft segment produces premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating.