MasterCraft Boat (NASDAQ:MCFT) Updates Q3 2024 Earnings Guidance

MasterCraft Boat (NASDAQ:MCFT) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.230-0.230 for the period, compared to the consensus earnings per share estimate of 0.230. The company issued revenue guidance of $92.0 million-$92.0 million, compared to the consensus revenue estimate of $92.8 million. MasterCraft Boat also updated its FY 2024 guidance to 1.530-1.780 EPS.

Analyst Upgrades and Downgrades

Separately, Truist Financial lifted their price objective on MasterCraft Boat from $20.00 to $22.00 and gave the company a hold rating in a report on Tuesday, January 9th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $24.83.

MasterCraft Boat Stock Performance

Shares of MasterCraft Boat stock opened at $22.81 on Thursday. The firm has a fifty day moving average of $21.44 and a two-hundred day moving average of $21.48. The stock has a market capitalization of $388.45 million, a price-to-earnings ratio of 6.98 and a beta of 1.63. MasterCraft Boat has a 52 week low of $19.22 and a 52 week high of $31.70. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.58 and a current ratio of 2.11.

MasterCraft Boat (NASDAQ:MCFT) last issued its earnings results on Wednesday, February 7th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.20 by $0.17. MasterCraft Boat had a net margin of 10.66% and a return on equity of 32.01%. The company had revenue of $99.48 million during the quarter, compared to analysts’ expectations of $95.53 million. During the same quarter in the previous year, the company posted $1.16 EPS. The business’s revenue for the quarter was down 37.5% compared to the same quarter last year. As a group, equities research analysts predict that MasterCraft Boat will post 1.51 EPS for the current year.

Insider Activity at MasterCraft Boat

In other news, major shareholder Coliseum Capital Management, L acquired 118,620 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average price of $21.84 per share, for a total transaction of $2,590,660.80. Following the transaction, the insider now directly owns 2,151,676 shares in the company, valued at $46,992,603.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MasterCraft Boat

Large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its holdings in MasterCraft Boat by 143.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 829 shares of the company’s stock worth $25,000 after purchasing an additional 489 shares in the last quarter. Group One Trading L.P. boosted its stake in shares of MasterCraft Boat by 55.9% during the 1st quarter. Group One Trading L.P. now owns 1,394 shares of the company’s stock worth $34,000 after buying an additional 500 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of MasterCraft Boat by 44.7% during the 4th quarter. Meeder Asset Management Inc. now owns 1,435 shares of the company’s stock worth $37,000 after buying an additional 443 shares during the last quarter. Quarry LP acquired a new position in shares of MasterCraft Boat during the 1st quarter worth about $41,000. Finally, UBS Group AG boosted its stake in shares of MasterCraft Boat by 932.3% during the 3rd quarter. UBS Group AG now owns 2,302 shares of the company’s stock worth $43,000 after buying an additional 2,079 shares during the last quarter. Institutional investors own 97.64% of the company’s stock.

MasterCraft Boat Company Profile

MasterCraft Boat Holdings, Inc, through its subsidiaries, designs, manufactures, and markets recreational powerboats. It operates through MasterCraft, Crest, and Aviara segments. The MasterCraft segment produces premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating.