Philip Austin Singleton Jr., the CEO of OneWater Marine Inc. (NASDAQ:ONEW), has recently purchased shares of the company's Class A common stock, with transactions totaling over $150,000. The purchases, which took place on September 5 and 6, 2024, were executed at prices ranging from $21.41 to $22.39 per share.
According to the latest filings, Singleton acquired 6,700 shares at a weighted average price of $22.39, with individual transaction prices within this batch varying from $22.21 to $22.46. An additional 5 shares were bought at $21.41 each. Following these transactions, the ownership stake of Auburn OWMH, LLLP, which is associated with Singleton, has increased to a total of 620,222 shares of OneWater Marine Inc.
The recent acquisition by Singleton, who also serves as a director and is noted as a member of the 10% ownership group, reflects continued confidence in the company's performance and prospects. The transactions have been publicly disclosed as per the regulatory requirements set by the Securities and Exchange Commission.
OneWater Marine Inc. specializes in the retail of auto and home supply stores and operates under the SIC code 5531. The company's headquarters are situated at 6275 Lanier Islands Parkway, Buford, GA.
Investors monitor insider buying as it can be a signal of executives' bullish views on their company's current valuation and future prospects. The recent purchases by Singleton are likely to be interpreted by the market as a positive sign regarding OneWater Marine's potential for growth.
In other recent news, OneWater Marine Inc. faced fiscal third-quarter challenges in 2024, with earnings not meeting expectations due to a sales decline. The slump was largely attributed to unfavorable weather conditions in Texas and a general industry downturn. Despite a 23% sales decrease in June and a 15% drop for the quarter, the company reports that July sales are demonstrating signs of stability.
Consequently, OneWater Marine has revised its full-year outlook, projecting mid-single-digit decreases in unit sales and same-store sales. KeyBanc Capital Markets has maintained its Overweight rating on the company, citing a robust inventory position and a long-term growth trajectory driven by mergers and acquisitions.
In light of these developments, the company is focusing on inventory management, cost optimization, and capital allocation. While no formal guidance was provided for fiscal 2025, the company's decisions are expected to position it for profitable growth in that year. The management, including CEO Austin Singleton, remains confident in the company's ability to navigate the current market challenges and capitalize on the opportunities ahead.
InvestingPro Insights
As OneWater Marine Inc. (NASDAQ:ONEW) navigates through challenging market conditions, CEO Philip Austin Singleton Jr.'s recent share purchases have sparked interest among investors. In light of Singleton's investment, it is worth considering some key financial metrics and analyst insights provided by InvestingPro. One notable metric is the company's market capitalization, which currently stands at approximately $353.57 million, reflecting the market's valuation of the company.
Despite the CEO's confidence, InvestingPro Tips indicate that OneWater Marine operates with a significant debt burden and has not been profitable over the last twelve months. However, analysts are optimistic, predicting that the company will be profitable this year. This outlook is further supported by expectations of net income growth this year. On the downside, five analysts have revised their earnings expectations downwards for the upcoming period, which could suggest some caution is warranted. Additionally, the stock has experienced considerable volatility and has taken a notable hit over the past week, with a one-week price total return of -8.45%.
InvestingPro Data shows a P/E (Price-to-Earnings) ratio of -3.37, indicating that the company has been operating at a loss in relation to its share price. The revenue for the last twelve months as of Q3 2024 stands at $1.845 billion, with a slight decline of 1.97% in revenue growth. These figures, combined with the CEO's recent share purchases, may influence investor sentiment as they weigh the company's potential against its current financial standing.
For those seeking a deeper analysis, InvestingPro offers additional tips on OneWater Marine Inc., providing a comprehensive view of the company's financial health and future prospects. To explore these insights further, visit https://www.investing.com/pro/ONEW.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.