OneWater Marine Inc. (NASDAQ:ONEW) director Jeffrey B. Lamkin recently acquired additional shares in the company, according to the latest SEC filings. The transactions, which took place over two separate days, resulted in Lamkin purchasing a total of 5,576 shares of OneWater Marine's Class A common stock.
On the first day of trading, Lamkin bought 3,009 shares at an average price of $22.67, with individual prices ranging from $22.50 to $22.89. A couple of days later, he added another 2,567 shares to his portfolio, this time at an average price of $22.90, with transaction prices varying between $22.80 and $23.00. These purchases amounted to a combined total of $126,998.
The SEC filing also included a footnote indicating that the prices reported were weighted averages, and that Lamkin, through his attorney-in-fact, is willing to provide full details of the number of shares bought at each separate price within the ranges specified upon request.
The transactions have increased Lamkin's indirect ownership in the company, with shares held by L13, LLLP, as noted in the filings. However, it's important to note that Lamkin disclaims beneficial ownership of these shares except to the extent of any pecuniary interest he may have.
Following these transactions, Lamkin now indirectly owns 62,281 shares of OneWater Marine Inc., adding to his direct holdings of 20,808 shares. This latest move by a company insider may be of interest to investors who closely monitor such activities for insights into executive confidence in the company's future performance.
In other recent news, OneWater Marine faced fiscal third-quarter challenges in 2024, reporting earnings that did not meet expectations due to a decline in sales. This downturn was largely attributed to adverse weather conditions in Texas and an overall industry slump. Despite a 23% drop in June sales and a 15% decrease for the quarter, July sales indicate a potential stabilization. As a response to these market conditions, OneWater Marine revised its full-year outlook, projecting a mid-single digit decrease in unit sales and same-store sales.
The company is implementing efficiency measures and maintaining an active M&A pipeline as part of its strategy. The management team, led by CEO Austin Singleton, remains optimistic about the company's future growth. Despite the lowered guidance for the full year due to market conditions, OneWater Marine is making strategic decisions expected to position the company for profitable growth in fiscal 2025. However, no formal guidance has been provided for this period.
Investors should note these are recent developments, and while the immediate outlook remains conservative, OneWater Marine is taking steps to ensure a more profitable future.
InvestingPro Insights
OneWater Marine Inc. (NASDAQ:ONEW) has caught the attention of investors not only through insider buying activity but also due to its financial and market performance as reflected in recent data. According to InvestingPro, OneWater Marine operates with a significant debt burden, which is an important consideration for investors assessing the company's financial health. Despite this, analysts have a positive outlook on the company's net income, expecting it to grow this year.
The company's stock price movements have been quite volatile, which could be of interest to traders looking for short-term opportunities. Over the last week, OneWater Marine has seen a significant return, with a 10.36% price total return, reflecting a noteworthy uptick in investor sentiment. Additionally, while the company has not been profitable over the last twelve months, analysts predict that OneWater Marine will turn a profit this year.
From a valuation standpoint, OneWater Marine's market capitalization currently stands at approximately $369.79 million. The P/E ratio, a measure of the company's current share price relative to its per-share earnings, is -3.51, indicating that the company has been operating at a loss. However, the adjusted P/E ratio for the last twelve months as of Q3 2024 is projected at 10.25, suggesting an anticipated improvement in earnings.
For those interested in more in-depth analysis and additional InvestingPro Tips, there are currently 7 more tips available at https://www.investing.com/pro/ONEW, which could provide further insights into OneWater Marine's financials and market expectations.
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