Marine Products (NYSE:MPX) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Marine Products (NYSE:MPX) from a buy rating to a hold rating in a research report released on Friday.

Marine Products Stock Performance

MPX opened at $9.34 on Friday. Marine Products has a twelve month low of $8.86 and a twelve month high of $12.47. The business has a 50 day moving average price of $9.70 and a 200 day moving average price of $9.71. The firm has a market cap of $324.22 million, a P/E ratio of 17.62 and a beta of 1.22.

Marine Products (NYSE:MPX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The business 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 period in the prior year, the company posted $0.30 earnings per share. As a group, analysts anticipate that Marine Products will post 0.4 earnings per share for the current fiscal year.

Marine Products Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 11th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, November 8th. This represents a $0.56 annualized dividend and a yield of 6.00%. Marine Products’s payout ratio is 105.66%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Barclays PLC increased its position in Marine Products by 173.0% during 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. Geode Capital Management LLC raised its position 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 buying an additional 8,527 shares during the last quarter. De Lisle Partners LLP lifted its stake 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 valued at $2,901,000 after buying an additional 92,181 shares during the period. BNP Paribas Financial Markets grew its position in Marine Products by 661.6% during the third quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after buying an additional 17,831 shares in the last quarter. Finally, FMR LLC increased its stake 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 acquiring an additional 5,552 shares during the period. 13.86% of the stock is currently owned by institutional investors and hedge funds.

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.