StockNews.com Upgrades Marine Products (NYSE:MPX) to Buy

StockNews.com upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

Marine Products Price Performance

Shares of Marine Products stock opened at $9.13 on Thursday. Marine Products has a 1 year low of $8.67 and a 1 year high of $12.47. The company has a 50-day moving average of $9.48 and a 200 day moving average of $9.57. The firm has a market cap of $316.73 million, a price-to-earnings ratio of 17.22 and a beta of 1.23.

Marine Products (NYSE:MPX) last released its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $49.85 million during the quarter. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. During the same quarter in the previous year, the business posted $0.30 earnings per share. On average, equities analysts anticipate that Marine Products will post 0.4 EPS for the current year.

Marine Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 11th were issued a $0.14 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.56 annualized dividend and a yield of 6.14%. Marine Products’s dividend payout ratio (DPR) is presently 105.66%.

Hedge Funds Weigh In On Marine Products

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Marine Products by 198.2% in the 3rd quarter. FMR LLC now owns 8,353 shares of the company’s stock worth $81,000 after purchasing an additional 5,552 shares in the last quarter. Barclays PLC raised its position in Marine Products by 173.0% in the 3rd quarter. Barclays PLC now owns 12,050 shares of the company’s stock worth $116,000 after buying an additional 7,636 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Marine Products by 3.7% during the third quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock valued at $2,333,000 after purchasing an additional 8,527 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Marine Products by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock worth $6,569,000 after purchasing an additional 9,680 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Marine Products by 661.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after purchasing an additional 17,831 shares during the period. 13.86% of the stock is owned by institutional investors.

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.