Marine Products Co. (MPX) to Issue Quarterly Dividend of $0.14 on December 10th

Marine Products Co. (NYSE:MPX) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Monday, November 11th will be paid a dividend of 0.14 per share on Tuesday, December 10th. This represents a $0.56 annualized dividend and a yield of 5.84%. The ex-dividend date is Friday, November 8th.

Marine Products has increased its dividend payment by an average of 15.9% per year over the last three years. Marine Products has a payout ratio of 112.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Marine Products to earn $0.50 per share next year, which means the company may not be able to cover its $0.56 annual dividend with an expected future payout ratio of 112.0%.

Marine Products Stock Performance

Shares of MPX stock opened at $9.59 on Wednesday. Marine Products has a one year low of $8.86 and a one year high of $12.47. The firm’s 50 day moving average price is $9.52 and its 200-day moving average price is $9.95. The firm has a market cap of $332.87 million, a P/E ratio of 18.09 and a beta of 1.23.

Marine Products (NYSE:MPX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Marine Products had a return on equity of 13.55% and a net margin of 7.32%. The business had revenue of $49.85 million for the quarter. During the same period in the prior year, the company posted $0.30 EPS. As a group, research analysts predict that Marine Products will post 0.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, DA Davidson cut their target price on shares of Marine Products from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th.

Marine Products Company Profile

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sport boat and sport fishing boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats and SSi outboard models; and Robalo outboard sport fishing boats.