Marine Products (NYSE:MPX) Upgraded at StockNews.com

StockNews.com upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a research report report published on Tuesday morning.

Marine Products Price Performance

Shares of NYSE:MPX opened at $9.03 on Tuesday. Marine Products has a 1 year low of $8.86 and a 1 year high of $12.47. The company has a market cap of $313.46 million, a P/E ratio of 17.04 and a beta of 1.22. The stock’s fifty day moving average price is $9.60 and its 200-day moving average price is $9.64.

Marine Products (NYSE:MPX) last posted 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. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. The business had revenue of $49.85 million for the quarter. During the same quarter in the prior year, the company posted $0.30 EPS. On average, sell-side analysts anticipate that Marine Products will post 0.4 earnings per share for the current year.

Marine Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.56 annualized dividend and a dividend yield of 6.20%. Marine Products’s payout ratio is 105.66%.

Institutional Trading of Marine Products

A number of hedge funds have recently bought and sold shares of MPX. BNP Paribas Financial Markets grew its stake in shares of Marine Products by 661.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock valued at $199,000 after purchasing an additional 17,831 shares during the period. De Lisle Partners LLP boosted its holdings in shares of Marine Products by 44.8% in the third quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock worth $2,901,000 after buying an additional 92,181 shares during the last quarter. FMR LLC grew its position in Marine Products by 198.2% during the third quarter. FMR LLC now owns 8,353 shares of the company’s stock valued at $81,000 after buying an additional 5,552 shares during the period. Dimensional Fund Advisors LP increased its holdings in Marine Products by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock valued at $6,569,000 after buying an additional 9,680 shares during the last quarter. Finally, Barclays PLC raised its position in Marine Products by 173.0% in the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock worth $116,000 after acquiring an additional 7,636 shares during the period. Hedge funds and other institutional investors own 13.86% of the company’s stock.

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.