OneWater Marine (NASDAQ:ONEW) Lifted to Strong-Buy at Zacks Investment Research

OneWater Marine (NASDAQ:ONEW) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $63.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 17.91% from the company’s previous close.

According to Zacks, “OneWater Marine Inc. is premium recreational boat retailers principally in the United States. It offers products and services which include the sale of new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services. OneWater Marine Inc. is based in Buford, Georgia. “

Several other research firms have also commented on ONEW. Truist lifted their price target on OneWater Marine from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 19th. Truist Securities lifted their price target on OneWater Marine from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 19th. KeyCorp boosted their target price on OneWater Marine from $56.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, November 19th. Raymond James dropped their target price on OneWater Marine from $68.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, July 30th. Finally, Robert W. Baird upgraded OneWater Marine to an “outperform” rating and boosted their target price for the company from $60.00 to $70.00 in a research report on Friday, November 19th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $57.88.

ONEW opened at $53.43 on Wednesday. The firm has a market cap of $803.53 million, a P/E ratio of 9.18 and a beta of 3.59. OneWater Marine has a 12 month low of $26.33 and a 12 month high of $56.78. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.44. The stock has a 50-day moving average of $44.39 and a 200 day moving average of $44.82.

OneWater Marine (NASDAQ:ONEW) last released its quarterly earnings results on Thursday, November 18th. The company reported $1.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.17. OneWater Marine had a return on equity of 34.54% and a net margin of 5.31%. During the same period last year, the company earned $0.90 earnings per share. On average, research analysts forecast that OneWater Marine will post 6.77 earnings per share for the current fiscal year.

In other news, CEO Philip Austin Jr. Singleton sold 5,453 shares of OneWater Marine stock in a transaction that occurred on Thursday, November 18th. The shares were sold at an average price of $55.00, for a total transaction of $299,915.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Anthony M. Aisquith sold 1,040 shares of the business’s stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $50.00, for a total transaction of $52,000.00. The disclosure for this sale can be found here. Insiders have sold 82,259 shares of company stock valued at $4,258,010 in the last ninety days. Insiders own 24.63% of the company’s stock.

Large investors have recently modified their holdings of the stock. Koshinski Asset Management Inc. bought a new position in OneWater Marine in the third quarter worth approximately $35,000. New York State Teachers Retirement System acquired a new position in shares of OneWater Marine during the third quarter worth $36,000. Legal & General Group Plc increased its position in shares of OneWater Marine by 30.3% during the second quarter. Legal & General Group Plc now owns 1,410 shares of the company’s stock worth $59,000 after purchasing an additional 328 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of OneWater Marine by 200.0% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,500 shares of the company’s stock worth $63,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Islay Capital Management LLC acquired a new position in shares of OneWater Marine during the second quarter worth $88,000. 71.04% of the stock is owned by institutional investors.

About OneWater Marine

OneWater Marine Inc operates as a recreational boat retailer in the United States. It offers new and pre-owned recreational boats and yachts, as well as related marine products, such as parts and accessories. The company also provides boat repair and maintenance services; arranges boat financing and insurance; and other ancillary services, including indoor and outdoor storage, and marina, as well as rental of boats and personal watercraft.

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