Anthony M. Aisquith, the Chief Operating Officer of OneWater Marine Inc. (NASDAQ:ONEW), has recently made significant purchases of the company's stock, according to the latest SEC filings. The transactions, which occurred on September 6 and September 10, 2024, involved the acquisition of a total of 10,000 shares at prices ranging from $21.25 to $21.75 per share, amounting to a total investment of $215,000.
The first purchase on September 6 comprised 5,000 shares at $21.75 each, followed by an additional 5,000 shares bought on September 10 at a slightly lower price of $21.25 per share. These transactions have increased Aisquith's indirect ownership through a family limited partnership, which now totals 729,316 shares. It is important to note that this figure includes 146,775 shares that were previously owned directly by Aisquith himself.
OneWater Marine Inc. operates in the retail-auto and home supply stores sector and is incorporated in Delaware. The company's business address is located at 6275 Lanier Islands Parkway, Buford, GA.
Investors often look to insider buying as a signal of confidence in the company's future prospects. With the COO's recent stock purchase, market watchers may interpret this as a positive indicator of the company's health and trajectory.
For those keeping track of OneWater Marine's stock movements and insider transactions, the recent activity by a top executive could be of interest. As always, investors are encouraged to consider the broader market context and company performance when evaluating the significance of insider trades.
In other recent news, OneWater Marine Inc. faced fiscal third-quarter challenges in 2024, with earnings falling short of expectations due to a drop in sales. This was largely attributed to adverse weather conditions in Texas and a broader industry downturn. Despite a 23% sales decrease in June and a 15% decrease for the quarter, July sales are showing signs of stabilization. The company has adjusted its full-year outlook, projecting unit sales and same-store sales to be down by mid-single digits.
The company's strategy focuses on inventory management, cost optimization, and an active Mergers and Acquisitions (M&A) pipeline. KeyBanc Capital Markets maintained its Overweight rating on OneWater Marine, citing the company's robust inventory position and identified cost-reduction strategies as strengths. The firm's analysts also highlighted potential long-term growth driven by mergers and acquisitions, and an expansion of its used boat and service segments.
Despite not providing formal guidance for fiscal 2025, the company's decisions are expected to position it for profitable growth in that year. This optimism is bolstered by improved sales trends in July, suggesting a potential market recovery. OneWater Marine's management, including CEO Austin Singleton, remains confident in future growth, emphasizing ongoing efficiency measures and an active M&A strategy.
InvestingPro Insights
Amid the latest insider buying activity at OneWater Marine Inc. (NASDAQ:ONEW), where Chief Operating Officer Anthony M. Aisquith has increased his stake in the company, it's insightful to consider the company's financial health and market performance through the lens of InvestingPro data and metrics.
OneWater Marine Inc. is currently trading near its 52-week low, with a previous close at $21.95. This price point is a significant drop, considering the company's stock has experienced a 25.19% decline over the last three months. Despite this downturn, analysts predict the company will be profitable this year, which could signal a potential turnaround for the company's financial performance.
InvestingPro data further reveals a market capitalization of $346.51 million for OneWater Marine Inc. The company's Price/Earnings (P/E) ratio stands at -3.24, reflecting the company's recent lack of profitability over the last twelve months. However, looking ahead, the adjusted P/E ratio for the last twelve months as of Q3 2024 is 9.57, suggesting that analysts expect earnings to improve. The Price/Book ratio at 0.94 indicates that the stock may be reasonably valued in relation to the company's book value.
One of the InvestingPro Tips highlights that OneWater operates with a significant debt burden, which is an important consideration for investors analyzing the risk profile of the company. Additionally, five analysts have revised their earnings forecasts downwards for the upcoming period, which could be a factor in the recent stock price volatility.
For investors interested in a deeper dive into the company's performance and future outlook, there are additional InvestingPro Tips available at InvestingPro. These insights could provide a more comprehensive understanding of OneWater Marine's investment potential.
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