Share Buyback Plan Authorized by Malibu Boats (NASDAQ:MBUU)

Malibu Boats (NASDAQ:MBUU) declared that its Board of Directors has initiated a share buyback plan on Friday, December 19th, RTT News reports. The company plans to repurchase $70.00 million in shares. This repurchase authorization authorizes the company to purchase up to 12.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

MBUU has been the topic of a number of analyst reports. DA Davidson dropped their price objective on shares of Malibu Boats from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Monday, September 8th. B. Riley lowered their price target on shares of Malibu Boats from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, November 25th. Zacks Research lowered shares of Malibu Boats from a “hold” rating to a “strong sell” rating in a research report on Friday, November 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Malibu Boats in a report on Monday. Finally, Truist Financial increased their target price on shares of Malibu Boats from $30.00 to $37.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $36.50.

Malibu Boats Price Performance

Malibu Boats stock traded up $0.09 during trading on Friday, reaching $29.42. The company had a trading volume of 362,712 shares, compared to its average volume of 236,853. The firm has a market capitalization of $565.75 million, a PE ratio of 30.02 and a beta of 1.20. The firm’s 50-day simple moving average is $28.72 and its 200 day simple moving average is $31.77. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 1.63. Malibu Boats has a 1-year low of $24.07 and a 1-year high of $42.49.

Malibu Boats (NASDAQ:MBUU) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $194.73 million during the quarter, compared to analysts’ expectations of $182.09 million. Malibu Boats had a net margin of 2.31% and a return on equity of 5.28%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.08 earnings per share. As a group, equities research analysts anticipate that Malibu Boats will post 1.69 earnings per share for the current fiscal year.

About Malibu Boats

Malibu Boats, Inc is a leading designer, manufacturer and distributor of performance sport boats for the recreational boating market. The company’s product portfolio includes the premium Malibu® brand and the value-oriented Axis® Wake Research line, as well as Cobalt® boats following its 2020 acquisition. Malibu’s vessels are engineered to serve water-sports enthusiasts, with models optimized for wakeboarding, wakesurfing and waterskiing.

Founded in 1982 by water-sports enthusiast Jack Springer, Malibu Boats is headquartered in Loudon, Tennessee.