Marine Products Co. (NYSE:MPX) Plans Quarterly Dividend of $0.14

Marine Products Co. (NYSE:MPX) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Monday, November 11th will be paid a dividend of 0.14 per share on Tuesday, December 10th. This represents a $0.56 annualized dividend and a yield of 5.51%. The ex-dividend date of this dividend is Friday, November 8th.

Marine Products has increased its dividend payment by an average of 15.9% per year over the last three years. Marine Products has a dividend payout ratio of 112.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Marine Products to earn $0.50 per share next year, which means the company may not be able to cover its $0.56 annual dividend with an expected future payout ratio of 112.0%.

Marine Products Price Performance

Shares of NYSE:MPX opened at $10.16 on Thursday. Marine Products has a 1 year low of $8.86 and a 1 year high of $12.47. The stock’s fifty day moving average price is $9.53 and its 200-day moving average price is $9.95. The company has a market cap of $352.65 million, a P/E ratio of 19.17 and a beta of 1.23.

Marine Products (NYSE:MPX) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. The firm had revenue of $49.85 million during the quarter. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, sell-side analysts anticipate that Marine Products will post 0.4 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, DA Davidson lowered their target price on Marine Products from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, August 12th.

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.