Share Repurchase Plan Approved by Malibu Boats (NASDAQ:MBUU) Board

Malibu Boats (NASDAQ:MBUU) announced that its board has approved a share repurchase program on Friday, December 19th, RTT News reports. The company plans to repurchase $70.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Zacks Research downgraded shares of Malibu Boats from a “hold” rating to a “strong sell” rating in a report on Friday, November 28th. Truist Financial boosted their target price on Malibu Boats from $30.00 to $37.00 and gave the company a “hold” rating in a research report on Tuesday, October 28th. B. Riley cut their target price on Malibu Boats from $33.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 25th. DA Davidson decreased their price target on Malibu Boats from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Monday, September 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Malibu Boats in a report on Monday. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $36.50.

Malibu Boats Trading Up 0.3%

Shares of NASDAQ:MBUU traded up $0.09 during trading on Friday, reaching $29.42. 362,712 shares of the company were exchanged, compared to its average volume of 236,853. The business’s fifty 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 current ratio of 1.63 and a quick ratio of 0.68. Malibu Boats has a 12-month low of $24.07 and a 12-month high of $42.49. The firm has a market capitalization of $565.75 million, a PE ratio of 30.02 and a beta of 1.20.

Malibu Boats (NASDAQ:MBUU) last issued its earnings results on Thursday, October 30th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $194.73 million during the quarter, compared to analysts’ expectations of $182.09 million. Malibu Boats had a return on equity of 5.28% and a net margin of 2.31%.The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.08 EPS. On average, research analysts anticipate that Malibu Boats will post 1.69 EPS for the current 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.