MarineMax (NYSE:HZO) Stock Price Up 5.5% After Analyst Upgrade

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MarineMax, Inc. (NYSE:HZO) was up 5.5% during mid-day trading on Tuesday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $48.00 price target on the stock. MarineMax traded as high as $43.42 and last traded at $43.25. Approximately 689,617 shares changed hands during trading, an increase of 28% from the average daily volume of 539,788 shares. The stock had previously closed at $40.99.

According to Zacks, “MarineMax, Inc. is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Crest, Scout, Sailfish, Sea Pro, Scarab Jet Boats, Aquila, and Nautique, MarineMax sells new and used recreational boats and related marine products and services as well as provides yacht brokerage and charter services. MarineMax currently has 62 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. “

A number of other equities analysts have also recently weighed in on the company. Raymond James boosted their price target on MarineMax from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, January 4th. B. Riley boosted their target price on MarineMax from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday. They noted that the move was a valuation call. BidaskClub upgraded MarineMax from a “hold” rating to a “buy” rating in a report on Thursday, January 7th. ValuEngine cut MarineMax from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 1st. Finally, Wolfe Research assumed coverage on shares of MarineMax in a research report on Tuesday, September 22nd. They issued an “outperform” rating and a $29.00 target price for the company. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $33.67.

In other news, EVP Charles A. Cashman sold 4,593 shares of the company’s stock in a transaction dated Wednesday, November 18th. The shares were sold at an average price of $34.13, for a total value of $156,759.09. Following the sale, the executive vice president now owns 34,474 shares of the company’s stock, valued at approximately $1,176,597.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Allen Watters sold 10,000 shares of MarineMax stock in a transaction on Friday, October 30th. The shares were sold at an average price of $29.37, for a total value of $293,700.00. Following the completion of the sale, the director now directly owns 88,832 shares of the company’s stock, valued at $2,608,995.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 98,183 shares of company stock worth $3,509,232. Corporate insiders own 4.80% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. Private Advisor Group LLC acquired a new position in MarineMax during the second quarter valued at approximately $26,000. Public Employees Retirement System of Ohio raised its stake in MarineMax by 85.8% in the second quarter. Public Employees Retirement System of Ohio now owns 1,206 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 557 shares during the period. USA Financial Portformulas Corp bought a new stake in MarineMax in the third quarter valued at approximately $34,000. Denali Advisors LLC acquired a new stake in shares of MarineMax in the third quarter valued at approximately $100,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of MarineMax during the 3rd quarter worth approximately $118,000.

The business has a fifty day moving average of $35.01 and a two-hundred day moving average of $29.78. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 1.85. The firm has a market capitalization of $932.44 million, a price-to-earnings ratio of 12.58 and a beta of 1.78.

MarineMax (NYSE:HZO) last released its quarterly earnings data on Wednesday, October 28th. The specialty retailer reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.78. The firm had revenue of $398.80 million for the quarter, compared to the consensus estimate of $347.53 million. MarineMax had a net margin of 4.94% and a return on equity of 18.47%. The company’s quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 earnings per share. As a group, sell-side analysts predict that MarineMax, Inc. will post 3.83 EPS for the current fiscal year.

About MarineMax (NYSE:HZO)

MarineMax, Inc operates as a recreational boat and yacht retailer in the United States. The company sells new and used recreational boats, including pleasure boats, boats, and sport cruisers; mega-yachts, sport yachts, and other yachts; fishing boats; motor and convertible yachts; pontoon boats; fishing boats; ski boats; and jet boats.

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