Zacks Investment Research downgraded shares of Marine Products Corporation (NYSE:MPX) 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. “

Several other research analysts have also recently commented on the company. Ifs Securities reissued a market perform rating on shares of Marine Products Corporation in a research report on Thursday, September 7th. B. Riley reissued a neutral rating and set a $12.00 price target on shares of Marine Products Corporation in a research report on Monday, August 7th. ValuEngine raised Marine Products Corporation from a hold rating to a buy rating in a research report on Friday, July 28th. Finally, BidaskClub cut Marine Products Corporation from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Marine Products Corporation presently has a consensus rating of Hold and an average price target of $15.00.

Shares of Marine Products Corporation (NYSE MPX) traded up 0.56% on Wednesday, hitting $16.28. The company had a trading volume of 55,867 shares. The firm has a market capitalization of $567.88 million, a P/E ratio of 30.43 and a beta of 0.32. The firm has a 50 day moving average of $15.40 and a 200-day moving average of $13.85. Marine Products Corporation has a 12-month low of $8.76 and a 12-month high of $17.12.

Marine Products Corporation (NYSE:MPX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.15 by $0.03. Marine Products Corporation had a return on equity of 25.69% and a net margin of 7.60%. The firm had revenue of $71.48 million during the quarter, compared to analysts’ expectations of $73.33 million. On average, equities analysts predict that Marine Products Corporation will post $0.64 EPS for the current year.

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The business also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 10th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.28 annualized dividend and a yield of 1.72%. Marine Products Corporation’s dividend payout ratio (DPR) is presently 51.85%.

In other Marine Products Corporation news, Director Pam R. Rollins acquired 3,930 shares of the business’s stock in a transaction dated Friday, August 25th. The stock was bought at an average cost of $15.14 per share, with a total value of $59,500.20. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $151,400. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Pam R. Rollins acquired 6,070 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was acquired at an average cost of $14.90 per share, with a total value of $90,443.00. Following the completion of the transaction, the director now owns 1,104 shares of the company’s stock, valued at $16,449.60. The disclosure for this purchase can be found here. Company insiders own 77.90% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MPX. Bank of New York Mellon Corp lifted its position in shares of Marine Products Corporation by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 186,635 shares of the company’s stock valued at $2,028,000 after buying an additional 4,415 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Marine Products Corporation by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 552,871 shares of the company’s stock valued at $6,010,000 after buying an additional 28,765 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Marine Products Corporation by 4.1% in the first quarter. Renaissance Technologies LLC now owns 189,607 shares of the company’s stock valued at $2,061,000 after buying an additional 7,389 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Marine Products Corporation by 7.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 40,954 shares of the company’s stock valued at $446,000 after buying an additional 2,736 shares during the last quarter. Finally, Teton Advisors Inc. lifted its position in shares of Marine Products Corporation by 0.9% in the second quarter. Teton Advisors Inc. now owns 812,400 shares of the company’s stock valued at $12,682,000 after buying an additional 7,400 shares during the last quarter. 15.26% of the stock is owned by institutional investors.

Marine Products Corporation Company Profile

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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