Marine Products Co. Declares Quarterly Dividend of $0.14 (NYSE:MPX)

Marine Products Co. (NYSE:MPX) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend is Friday, November 8th.

Marine Products has increased its dividend payment by an average of 15.9% annually over the last three years. Marine Products has a dividend 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. Research 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 Price Performance

Shares of NYSE MPX opened at $10.16 on Thursday. Marine Products has a one year low of $8.86 and a one year high of $12.47. The stock has a market capitalization of $352.65 million, a P/E ratio of 19.17 and a beta of 1.23. The firm’s 50 day simple moving average is $9.53 and its two-hundred day simple moving average is $9.95.

Marine Products (NYSE:MPX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.10 EPS 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 last year, the firm earned $0.30 earnings per share. As a group, equities analysts expect that Marine Products will post 0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About Marine Products

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.