Marine Products Corp. (MPX) Cut to Hold at Zacks Investment Research
Marine Products Corp. (NYSE:MPX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. “
Separately, B. Riley reiterated a “neutral” rating and set a $10.00 price target on shares of Marine Products Corp. in a research note on Tuesday, August 2nd.
Marine Products Corp. (NYSE:MPX) opened at 8.93 on Wednesday. The company’s 50 day moving average price is $8.87 and its 200-day moving average price is $8.44. The company has a market cap of $342.51 million, a P/E ratio of 21.47 and a beta of 1.88. Marine Products Corp. has a one year low of $4.92 and a one year high of $9.38.
Marine Products Corp. (NYSE:MPX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The firm had revenue of $65 million for the quarter, compared to analysts’ expectations of $62.09 million. Marine Products Corp. had a net margin of 6.95% and a return on equity of 17.09%. On average, analysts forecast that Marine Products Corp. will post $0.50 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 8th. This represents a $0.24 annualized dividend and a yield of 2.69%. Marine Products Corp.’s payout ratio is presently 58.54%.
Hedge funds have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC increased its stake in Marine Products Corp. by 1.1% in the second quarter. Parametric Portfolio Associates LLC now owns 12,617 shares of the company’s stock valued at $107,000 after buying an additional 140 shares during the last quarter. Gratus Capital LLC bought a new stake in shares of Marine Products Corp. during the second quarter worth approximately $113,000. Teachers Advisors Inc. increased its stake in shares of Marine Products Corp. by 26.8% in the second quarter. Teachers Advisors Inc. now owns 16,320 shares of the company’s stock worth $138,000 after buying an additional 3,449 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Marine Products Corp. by 0.4% in the second quarter. Rhumbline Advisers now owns 16,961 shares of the company’s stock worth $143,000 after buying an additional 75 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Marine Products Corp. by 1.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 33,704 shares of the company’s stock worth $286,000 after buying an additional 630 shares during the last quarter. Institutional investors and hedge funds own 20.29% of the company’s stock.
About Marine Products Corp.
Marine Products Corporation (MPC) is engaged in manufacturing powerboats and providing related products and services. The Company manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. The Company operates in Powerboat Manufacturing business segment. The Company’s product offerings include Chaparral sterndrive, outboard and jet pleasure boats, and Robalo outboard sport fishing boats.
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