MarineMax (HZO) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of MarineMax (NYSE:HZO) from a hold rating to a buy rating in a report released on Thursday morning. Zacks Investment Research currently has $23.00 target price on the specialty retailer’s stock.
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 brokerages have also recently issued reports on HZO. Citigroup reduced their price objective on shares of MarineMax from $28.00 to $23.00 and set a buy rating for the company in a report on Wednesday, August 15th. B. Riley upgraded shares of MarineMax from a neutral rating to a buy rating and lifted their price objective for the company from $23.50 to $27.00 in a report on Friday, July 27th. ValuEngine cut shares of MarineMax from a hold rating to a sell rating in a report on Tuesday, June 26th. Wedbush reduced their price objective on shares of MarineMax from $24.00 to $21.00 and set a neutral rating for the company in a report on Friday, July 27th. Finally, Craig Hallum cut shares of MarineMax from a buy rating to a hold rating in a report on Monday, June 25th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $24.50.
MarineMax (NYSE:HZO) last issued its quarterly earnings data on Thursday, July 26th. The specialty retailer reported $0.79 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.79. The firm had revenue of $361.25 million during the quarter, compared to analysts’ expectations of $370.13 million. MarineMax had a net margin of 2.83% and a return on equity of 10.83%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. On average, research analysts forecast that MarineMax will post 1.51 EPS for the current year.
In related news, Director Joseph Allen Watters sold 2,500 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $21.17, for a total transaction of $52,925.00. Following the transaction, the director now directly owns 62,413 shares in the company, valued at $1,321,283.21. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.00% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in HZO. Schwab Charles Investment Management Inc. boosted its stake in MarineMax by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 111,118 shares of the specialty retailer’s stock valued at $2,162,000 after acquiring an additional 3,188 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in MarineMax by 142.4% in the first quarter. JPMorgan Chase & Co. now owns 88,404 shares of the specialty retailer’s stock valued at $1,720,000 after acquiring an additional 51,941 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in MarineMax by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,245,923 shares of the specialty retailer’s stock valued at $43,683,000 after acquiring an additional 31,883 shares during the last quarter. Hsbc Holdings PLC purchased a new position in MarineMax in the first quarter valued at about $241,000. Finally, WINTON GROUP Ltd purchased a new position in MarineMax in the first quarter valued at about $5,086,000. Institutional investors and hedge funds own 89.20% of the company’s stock.
MarineMax, Inc operates as a recreational boat and yacht retailer in the United States. It sells new and used recreational boats, including pleasure boats, such as sport boats, sport cruisers, sport yachts, and other yachts; motor yachts; convertible yachts; pleasure boats; pontoon boats; fishing boats; ski boats; and jet boats.
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