Marine Products (NYSE:MPX) Rating Lowered 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 Wednesday.

Marine Products Stock Down 2.8 %

NYSE MPX opened at $8.77 on Wednesday. The stock has a market cap of $304.43 million, a P/E ratio of 16.55 and a beta of 1.23. The company’s 50-day simple moving average is $9.56 and its 200 day simple moving average is $9.61. Marine Products has a twelve month low of $8.70 and a twelve month high of $12.47.

Marine Products (NYSE:MPX) last posted its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $49.85 million for 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 previous year, the firm earned $0.30 EPS. Research analysts anticipate that Marine Products will post 0.4 earnings per share for the current year.

Marine Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders 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 dividend yield of 6.39%. Marine Products’s dividend payout ratio (DPR) is currently 105.66%.

Institutional Trading of Marine Products

Several hedge funds have recently modified their holdings of MPX. Dimensional Fund Advisors LP grew its stake in shares of 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 purchasing an additional 9,680 shares during the last quarter. FMR LLC raised its holdings in Marine Products by 198.2% in the third quarter. FMR LLC now owns 8,353 shares of the company’s stock worth $81,000 after purchasing an additional 5,552 shares during the period. BNP Paribas Financial Markets raised its holdings in Marine Products by 661.6% in the third 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. De Lisle Partners LLP raised its holdings in 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 purchasing an additional 92,181 shares during the period. Finally, Barclays PLC raised its holdings 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 purchasing an additional 7,636 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.