MarineMax (NYSE:HZO) Hits New 12-Month Low After Earnings Miss

MarineMax, Inc. (NYSE:HZO)’s stock price hit a new 52-week low on Thursday following a weaker than expected earnings announcement. The company traded as low as $22.51 and last traded at $23.59, with a volume of 364915 shares traded. The stock had previously closed at $27.18.

The specialty retailer reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.55). MarineMax had a net margin of 3.75% and a return on equity of 10.44%. The company had revenue of $582.90 million during the quarter, compared to analyst estimates of $590.19 million. During the same quarter in the prior year, the company posted $1.23 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HZO. StockNews.com downgraded MarineMax from a “hold” rating to a “sell” rating in a report on Saturday, January 27th. Truist Financial lowered their target price on MarineMax from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Friday. DA Davidson restated a “buy” rating and set a $34.00 target price on shares of MarineMax in a research note on Friday, March 15th. Finally, Stifel Nicolaus lowered their target price on MarineMax from $37.00 to $35.00 and set a “buy” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, MarineMax presently has an average rating of “Moderate Buy” and an average target price of $35.40.

Insider Buying and Selling

In related news, Director Clint Moore sold 4,000 shares of MarineMax stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $31.12, for a total value of $124,480.00. Following the completion of the transaction, the director now directly owns 20,544 shares in the company, valued at $639,329.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Clint Moore sold 4,000 shares of MarineMax stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $31.12, for a total value of $124,480.00. Following the completion of the transaction, the director now directly owns 20,544 shares in the company, valued at $639,329.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Charles A. Cashman sold 7,500 shares of MarineMax stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $29.76, for a total value of $223,200.00. Following the completion of the transaction, the executive vice president now owns 63,981 shares of the company’s stock, valued at $1,904,074.56. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On MarineMax

A number of hedge funds and other institutional investors have recently bought and sold shares of HZO. SG Americas Securities LLC boosted its stake in MarineMax by 97.0% in the third quarter. SG Americas Securities LLC now owns 12,495 shares of the specialty retailer’s stock valued at $410,000 after acquiring an additional 6,151 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in MarineMax by 244.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 26,226 shares of the specialty retailer’s stock valued at $861,000 after acquiring an additional 18,614 shares during the period. Private Management Group Inc. boosted its stake in MarineMax by 0.7% in the third quarter. Private Management Group Inc. now owns 401,861 shares of the specialty retailer’s stock valued at $13,189,000 after acquiring an additional 2,801 shares during the period. Fifth Third Bancorp boosted its stake in MarineMax by 442.3% in the third quarter. Fifth Third Bancorp now owns 770 shares of the specialty retailer’s stock valued at $25,000 after acquiring an additional 628 shares during the period. Finally, Levin Capital Strategies L.P. boosted its stake in MarineMax by 19.1% in the third quarter. Levin Capital Strategies L.P. now owns 708,439 shares of the specialty retailer’s stock valued at $23,251,000 after acquiring an additional 113,850 shares during the period. 92.85% of the stock is currently owned by institutional investors and hedge funds.

MarineMax Stock Performance

The company has a quick ratio of 0.35, a current ratio of 1.28 and a debt-to-equity ratio of 0.41. The stock has a 50 day simple moving average of $30.20 and a 200 day simple moving average of $31.44. The company has a market capitalization of $565.97 million, a price-to-earnings ratio of 6.28 and a beta of 1.69.

About MarineMax

MarineMax, Inc operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates in two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, e-power yachts, pontoon boats, ski boats, jet boats, and other recreational boats.