MarineMax (NYSE:HZO) to Repurchase $100.00 million in Stock

MarineMax (NYSE:HZO) announced that its board has approved a stock buyback plan on Wednesday, March 4th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase up to 15.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HZO. Citigroup restated a “buy” rating on shares of MarineMax in a research report on Wednesday, January 14th. Benchmark reaffirmed a “buy” rating on shares of MarineMax in a research note on Friday, January 30th. Zacks Research upgraded MarineMax from a “strong sell” rating to a “hold” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of MarineMax in a report on Thursday, January 22nd. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of MarineMax in a research note on Friday, January 30th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.80.

MarineMax Stock Performance

Shares of NYSE:HZO opened at $29.65 on Thursday. The firm’s 50 day simple moving average is $27.95 and its 200 day simple moving average is $26.17. MarineMax has a fifty-two week low of $16.85 and a fifty-two week high of $32.00. The company has a market capitalization of $653.19 million, a price-to-earnings ratio of -11.06 and a beta of 1.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.19 and a quick ratio of 0.29.

MarineMax (NYSE:HZO) last issued its earnings results on Thursday, January 29th. The specialty retailer reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.09). The firm had revenue of $505.18 million during the quarter, compared to the consensus estimate of $481.67 million. MarineMax had a negative net margin of 2.46% and a positive return on equity of 1.13%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 EPS. As a group, sell-side analysts forecast that MarineMax will post 2.41 earnings per share for the current year.

About MarineMax

MarineMax, Inc is a publicly traded company on the New York Stock Exchange under the ticker HZO and is one of the largest recreational boat and yacht retailers in the United States. The company markets new and used motor yachts, sailing yachts, sport boats and personal watercraft, acting as an authorized dealer for leading manufacturers. In addition to boat sales, MarineMax provides service and maintenance, parts and accessory sales, training and education, and marina operations.

Operating through a network of sales centers, service facilities and marinas, MarineMax serves coastal and inland markets across the continental U.S.