Municipal Employees Retirement System of Michigan increased its stake in shares of MarineMax, Inc. (NYSE:HZO) by 293.2% during the second quarter, Holdings Channel reports. The firm owned 34,920 shares of the specialty retailer’s stock after buying an additional 26,040 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in MarineMax were worth $682,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HZO. Acrospire Investment Management LLC bought a new position in MarineMax during the first quarter valued at approximately $133,000. Comerica Bank raised its position in MarineMax by 1.5% in the first quarter. Comerica Bank now owns 26,713 shares of the specialty retailer’s stock valued at $554,000 after buying an additional 395 shares during the period. BNP Paribas Arbitrage SA raised its position in MarineMax by 12.0% in the first quarter. BNP Paribas Arbitrage SA now owns 4,649 shares of the specialty retailer’s stock valued at $101,000 after buying an additional 498 shares during the period. Bank of New York Mellon Corp raised its position in MarineMax by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 337,535 shares of the specialty retailer’s stock valued at $7,308,000 after buying an additional 11,226 shares during the period. Finally, American Century Companies Inc. raised its position in MarineMax by 12.6% in the first quarter. American Century Companies Inc. now owns 656,673 shares of the specialty retailer’s stock valued at $14,217,000 after buying an additional 73,565 shares during the period. 91.05% of the stock is currently owned by institutional investors.
MarineMax, Inc. (HZO) opened at 15.95 on Thursday. MarineMax, Inc. has a 1-year low of $13.80 and a 1-year high of $23.65. The firm has a market capitalization of $387.20 million, a P/E ratio of 15.95 and a beta of 1.00. The company has a 50-day moving average price of $17.01 and a 200-day moving average price of $19.65.
MarineMax (NYSE:HZO) last announced its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.11. The company had revenue of $329.80 million for 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 quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. On average, equities research analysts predict that MarineMax, Inc. will post $1.00 earnings per share for the current fiscal year.
MarineMax declared that its Board of Directors has approved a share buyback plan on Wednesday, August 2nd that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
Several research firms have commented on HZO. Zacks Investment Research lowered MarineMax from a “buy” rating to a “hold” rating in a research report on Wednesday, April 26th. B. Riley reissued a “buy” rating and issued a $26.00 price objective on shares of MarineMax in a research report on Friday, April 28th. Citigroup Inc. reissued a “buy” rating and issued a $25.00 price objective (down from $26.00) on shares of MarineMax in a research report on Monday, May 15th. TheStreet lowered MarineMax from a “b” rating to a “c+” rating in a research report on Wednesday, July 26th. Finally, BidaskClub lowered MarineMax from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. MarineMax currently has an average rating of “Hold” and a consensus target price 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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