Marine Products Corporation (NYSE:MPX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, June 29th.
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 reissued a “neutral” rating and set a $11.50 price objective on shares of Marine Products Corporation in a report on Friday, April 28th.
Marine Products Corporation (MPX) opened at 14.81 on Thursday. The firm has a 50-day moving average price of $14.70 and a 200 day moving average price of $12.53. Marine Products Corporation has a one year low of $8.30 and a one year high of $16.25. The company has a market cap of $517.71 million, a price-to-earnings ratio of 30.35 and a beta of 0.35.
Marine Products Corporation (NYSE:MPX) last issued its quarterly earnings data on Friday, April 28th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The company had revenue of $71.04 million for the quarter, compared to analyst estimates of $65 million. Marine Products Corporation had a net margin of 7.27% and a return on equity of 22.18%. Equities analysts expect that Marine Products Corporation will post $0.61 earnings per share for the current fiscal year.
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In other Marine Products Corporation news, CFO Ben M. Palmer sold 5,000 shares of Marine Products Corporation stock in a transaction on Monday, June 12th. The shares were sold at an average price of $14.35, for a total value of $71,750.00. Following the transaction, the chief financial officer now directly owns 365,073 shares of the company’s stock, valued at $5,238,797.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ben M. Palmer sold 2,500 shares of Marine Products Corporation stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $14.27, for a total transaction of $35,675.00. Following the completion of the transaction, the chief financial officer now directly owns 383,573 shares in the company, valued at $5,473,586.71. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock worth $297,100 over the last ninety days. Corporate insiders own 77.90% of the company’s stock.
Several large investors have recently bought and sold shares of MPX. Dimensional Fund Advisors LP increased its stake in 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 increased its stake in 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. Bank of New York Mellon Corp increased its stake in 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. Schwab Charles Investment Management Inc. increased its stake in 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, Wedge Capital Management L L P NC bought a new stake in Marine Products Corporation during the first quarter valued at approximately $349,000. Institutional investors and hedge funds own 15.33% of the company’s stock.
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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