Marine Products (NYSE:MPX) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

Marine Products Price Performance

Marine Products stock opened at $9.37 on Friday. The business has a 50 day moving average of $9.34 and a 200-day moving average of $9.55. The company has a market capitalization of $325.23 million, a P/E ratio of 17.68 and a beta of 1.23. Marine Products has a 1 year low of $8.67 and a 1 year high of $12.47.

Marine Products (NYSE:MPX) last announced its quarterly earnings results on Thursday, January 30th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.07. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. Equities analysts anticipate that Marine Products will post 0.4 EPS for the current year.

Marine Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Monday, February 10th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 5.98%. The ex-dividend date is Monday, February 10th. Marine Products’s payout ratio is presently 105.66%.

Institutional Investors Weigh In On Marine Products

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its stake in shares of Marine Products by 198.2% in the 3rd quarter. FMR LLC now owns 8,353 shares of the company’s stock valued at $81,000 after buying an additional 5,552 shares during the period. Barclays PLC grew its stake in Marine Products by 173.0% in the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after acquiring an additional 7,636 shares during the period. Rhumbline Advisers increased its holdings in shares of Marine Products by 10.6% during the fourth quarter. Rhumbline Advisers now owns 12,923 shares of the company’s stock valued at $118,000 after acquiring an additional 1,236 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Marine Products by 661.6% during 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. Finally, Geode Capital Management LLC lifted its holdings in shares of Marine Products by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock worth $2,333,000 after purchasing an additional 8,527 shares in the last quarter. 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.