Marine Products Corp. (NYSE:MPX) Announces Quarterly Dividend of $0.08

Marine Products Corp. (NYSE:MPX) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Monday, August 10th will be paid a dividend of 0.08 per share on Thursday, September 10th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, August 7th.

Marine Products has raised its dividend by an average of 100.0% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Marine Products has a dividend payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Marine Products to earn $0.67 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 47.8%.

MPX stock traded down $0.19 during trading on Thursday, reaching $14.98. 2,999 shares of the company traded hands, compared to its average volume of 54,612. The company has a market capitalization of $593.84 million, a price-to-earnings ratio of 21.07 and a beta of 1.18. Marine Products has a 12 month low of $6.77 and a 12 month high of $18.51. The business has a 50 day simple moving average of $13.93 and a 200 day simple moving average of $11.91.

Marine Products (NYSE:MPX) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. Marine Products had a net margin of 9.31% and a return on equity of 31.68%. Equities research analysts expect that Marine Products will post 0.48 earnings per share for the current fiscal year.

Several research analysts recently weighed in on the company. TheStreet upgraded Marine Products from a “c+” rating to a “b-” rating in a research report on Thursday, July 23rd. Zacks Investment Research upgraded Marine Products from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research report on Friday, July 17th. ValuEngine upgraded Marine Products from a “sell” rating to a “hold” rating in a report on Thursday, April 30th. Finally, B. Riley raised their target price on Marine Products from $11.50 to $14.50 in a report on Monday, July 13th.

About Marine Products

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, deckboat, cruiser, jet boat, and sport fishing markets worldwide. The company provides Chaparral sterndrive pleasure boats, including SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex jet boats and the Surf Series, and Robalo outboard sport fishing boats, as well as H2O Sport, and Fish and Ski boats.

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Dividend History for Marine Products (NYSE:MPX)

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