Analysts Set Price Target of $23 for Mastercraft Boat Holdings

Shares of Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT) have received a consensus rating of “Hold” from eight analysts monitoring the company, according to MarketBeat Ratings. The average price target set by these brokerages stands at $23.00, with seven analysts recommending a hold and one analyst suggesting a buy.

Recent reports indicate various changes in ratings for Mastercraft Boat. Notably, Zacks Research adjusted its rating from “strong-buy” to “hold” on November 25, 2023, while Robert W. Baird raised its price target from $20.00 to $24.00 and maintained a “neutral” rating in a report dated August 28, 2023. Additionally, Truist Financial set a price objective of $21.00 on October 24, 2023, while Raymond James Financial increased its target from $21.00 to $25.00 on the same date as Baird’s report.

Recent Earnings and Insider Activity

Mastercraft Boat announced its latest earnings on November 6, 2023, reporting $0.28 earnings per share, surpassing analysts’ expectations of $0.16 by $0.12. The company generated revenue of $69.00 million, exceeding estimates of $66.96 million. This performance marked a 5.5% increase in revenue compared to the same quarter last year, when the earnings per share were $0.12. Mastercraft has provided guidance for fiscal year 2026, projecting earnings per share between $1.180 and $1.430, and $0.160 for the second quarter of 2026. Analysts expect the company to report earnings per share of $0.62 for the current year.

In other developments, a significant insider transaction occurred when Forager Capital Management LLC, a major shareholder, sold 58,066 shares on November 7, 2023, at an average price of $20.37, totaling approximately $1,182,804.42. Following this transaction, the shareholder retains 1,699,928 shares valued at around $34,627,533.36. Over the past 90 days, insiders have sold a total of 103,857 shares worth $2,121,382, with insiders currently owning 2.50% of the company’s stock.

Institutional Investor Movements

Recent shifts in institutional holdings have also been noted. Forager Capital Management LLC increased its stake in Mastercraft Boat by 6.2% during the second quarter, now holding 1,802,975 shares valued at $33,499,000. Meanwhile, Systematic Financial Management LP raised its holdings by 0.7%, acquiring an additional 7,412 shares, bringing its total to 1,078,836 shares valued at $18,578,000.

Other notable increases include American Century Companies Inc., which boosted its stake by 7.3% and now owns 538,225 shares worth $10,000,000. Wellington Management Group LLP and Royce & Associates LP also raised their stakes by 10.4% and 11.4%, respectively. Currently, institutional investors and hedge funds control 97.64% of Mastercraft Boat’s stock.

Mastercraft Boat Holdings, Inc. designs, manufactures, and markets recreational powerboats through its segments, including MasterCraft, Crest, and Aviara. The MasterCraft segment focuses on premium performance sport boats for activities such as water skiing, wakeboarding, and general recreational boating.