Marine Products Corporation (MPX) Announces Quarterly Dividend of $0.07
Marine Products Corporation (NYSE:MPX) declared a quarterly dividend on Wednesday, July 26th, Wall Street Journal reports. Investors of record on Thursday, August 10th will be paid a dividend of 0.07 per share on Monday, September 11th. This represents a $0.28 annualized dividend and a yield of 1.97%. The ex-dividend date is Tuesday, August 8th.
Marine Products Corporation has increased its dividend by an average of 26.0% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Marine Products Corporation has a dividend payout ratio of 45.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Marine Products Corporation to earn $0.82 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 34.1%.
Marine Products Corporation (MPX) opened at 14.24 on Monday. The company has a market capitalization of $496.72 million, a price-to-earnings ratio of 26.62 and a beta of 0.34. Marine Products Corporation has a 52 week low of $8.30 and a 52 week high of $16.25. The company’s 50-day moving average is $15.03 and its 200 day moving average is $12.65.
Marine Products Corporation (NYSE:MPX) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.03. The business had revenue of $71.48 million for the quarter, compared to the consensus estimate of $73.33 million. Marine Products Corporation had a net margin of 7.60% and a return on equity of 25.69%. On average, analysts forecast that Marine Products Corporation will post $0.65 EPS for the current fiscal year.
In other news, CFO Ben M. Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $14.35, for a total value of $71,750.00. Following the sale, the chief financial officer now directly owns 365,073 shares of the company’s stock, valued at approximately $5,238,797.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ben M. Palmer sold 13,500 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $14.05, for a total transaction of $189,675.00. Following the completion of the sale, the chief financial officer now directly owns 378,573 shares in the company, valued at $5,318,950.65. The disclosure for this sale can be found here. Insiders sold a total of 21,000 shares of company stock worth $297,100 over the last ninety days. Insiders own 77.90% of the company’s stock.
A number of research analysts have issued reports on MPX shares. B. Riley reissued a “neutral” rating and set a $11.50 price objective on shares of Marine Products Corporation in a research report on Friday, April 28th. Zacks Investment Research raised shares of Marine Products Corporation from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Tuesday, May 2nd. BidaskClub downgraded shares of Marine Products Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Finally, ValuEngine raised shares of Marine Products Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 28th.
About Marine Products Corporation
Marine Products Corporation manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. The Company designs, manufactures and sells recreational fiberglass powerboats in the sportboat, deckboat, cruiser, jet boat and sport fishing markets. The Company’s product offerings include Chaparral sterndrive, outboard and jet pleasure boats, and Robalo outboard sport fishing boats.
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