Stock Buyback Plan Approved by MarineMax (HZO)
MarineMax (NYSE:HZO) announced that its Board of Directors has authorized a stock repurchase program, which allows the company to repurchase 2,000,000 shares on Wednesday, August 2nd, EventVestor reports. This repurchase authorization allows the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Shares of MarineMax (NYSE:HZO) opened at 15.50 on Tuesday. The firm has a 50-day moving average price of $17.98 and a 200 day moving average price of $19.96. The firm has a market cap of $376.28 million, a P/E ratio of 15.50 and a beta of 1.00. MarineMax has a one year low of $13.80 and a one year high of $23.65.
MarineMax (NYSE:HZO) last announced its earnings results on Thursday, July 20th. The specialty retailer reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by $0.11. The firm had revenue of $329.80 million during the quarter, compared to analyst estimates of $383.01 million. MarineMax had a net margin of 2.45% and a return on equity of 7.53%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 earnings per share. On average, analysts forecast that MarineMax will post $1.00 earnings per share for the current fiscal year.
HZO has been the subject of several recent analyst reports. Zacks Investment Research raised MarineMax from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Tuesday, April 18th. B. Riley reissued a “buy” rating and issued a $26.00 price target on shares of MarineMax in a report on Friday, April 28th. Citigroup Inc. reissued a “buy” rating and issued a $25.00 price target (down previously from $26.00) on shares of MarineMax in a report on Monday, May 15th. BidaskClub downgraded MarineMax from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Finally, TheStreet downgraded MarineMax from a “b” rating to a “c+” rating in a report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. MarineMax has an average rating of “Hold” and an average price target of $23.33.
MarineMax Company Profile
MarineMax, Inc is a recreational boat and yacht dealer in the United States. Through 56 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, and Texas, the Company sold new and used recreational boats, including pleasure and fishing boats, as of September 30, 2016.
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