Mastercraft Boat (NASDAQ:MCFT) Stock Rating Lowered by Zacks Research

Mastercraft Boat (NASDAQ:MCFT) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other equities analysts also recently weighed in on the stock. B. Riley Financial reiterated a “neutral” rating and issued a $22.00 target price (down from $25.00) on shares of Mastercraft Boat in a research note on Wednesday. Truist Financial raised their price objective on shares of Mastercraft Boat from $25.00 to $28.00 and gave the stock a “hold” rating in a report on Monday, July 6th. B Riley reiterated a “neutral” rating on shares of Mastercraft Boat in a research note on Tuesday. Robert W. Baird lowered their target price on shares of Mastercraft Boat from $30.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. Finally, Weiss Ratings cut shares of Mastercraft Boat from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, September 11th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Mastercraft Boat has an average rating of “Reduce” and a consensus target price of $24.25.

Mastercraft Boat Stock Performance

MCFT stock opened at $19.15 on Tuesday. The company has a market capitalization of $311.76 million, a price-to-earnings ratio of -957.02 and a beta of 1.07. Mastercraft Boat has a fifty-two week low of $17.19 and a fifty-two week high of $28.44. The stock has a fifty day moving average of $23.95 and a 200-day moving average of $23.08.

Mastercraft Boat (NASDAQ:MCFT) last announced its quarterly earnings data on Thursday, September 10th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. Mastercraft Boat had a positive return on equity of 11.08% and a negative net margin of 0.48%.The company had revenue of $129.94 million during the quarter, compared to analyst estimates of $101.79 million. The firm’s revenue for the quarter was up 63.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. Equities analysts predict that Mastercraft Boat will post 1.65 EPS for the current year.

Institutional Investors Weigh In On Mastercraft Boat

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State of Wyoming boosted its position in shares of Mastercraft Boat by 5.1% in the first quarter. State of Wyoming now owns 17,736 shares of the company’s stock valued at $364,000 after acquiring an additional 867 shares during the period. Legal & General Group Plc bought a new stake in Mastercraft Boat during the 2nd quarter worth approximately $46,000. Meeder Asset Management Inc. bought a new stake in Mastercraft Boat during the 2nd quarter worth approximately $79,000. Engineers Gate Manager LP lifted its stake in Mastercraft Boat by 37.5% in the 2nd quarter. Engineers Gate Manager LP now owns 22,704 shares of the company’s stock worth $586,000 after purchasing an additional 6,197 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in Mastercraft Boat by 20.8% in the 1st quarter. Empowered Funds LLC now owns 51,648 shares of the company’s stock worth $1,059,000 after purchasing an additional 8,877 shares in the last quarter. 97.64% of the stock is currently owned by institutional investors.

Mastercraft Boat Company Profile

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company is best known for MasterCraft-branded performance boats, including wake, surf and ski boats designed for watersports and recreational use.

Its portfolio has also included Crest pontoon boats and Aviara luxury dayboats, serving customers seeking family-oriented boating, cruising and premium recreational vessels. The company sells its boats through a network of independent dealers and supports its products with parts, accessories and related services.

MasterCraft traces its origins to 1968 and is headquartered in Vonore, Tennessee.