Marine Products Co. (NYSE:MPX) Sees Large Growth in Short Interest

Marine Products Co. (NYSE:MPX) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 339,200 shares, an increase of 49.4% from the August 15th total of 227,000 shares. Based on an average daily trading volume, of 31,700 shares, the days-to-cover ratio is presently 10.7 days. Approximately 4.2% of the company’s stock are short sold.

Shares of MPX stock traded up $0.15 during mid-day trading on Friday, hitting $12.70. 910,705 shares of the stock traded hands, compared to its average volume of 39,199. Marine Products has a 52-week low of $11.00 and a 52-week high of $22.61. The stock has a market cap of $431.72 million, a P/E ratio of 15.68 and a beta of 1.20. The stock’s fifty day moving average is $14.80 and its two-hundred day moving average is $16.03.

Marine Products (NYSE:MPX) last posted its quarterly earnings data on Wednesday, July 28th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.06). The firm had revenue of $67.26 million for the quarter. Marine Products had a return on equity of 31.81% and a net margin of 9.60%.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Tuesday, August 10th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, August 9th. This represents a $0.48 annualized dividend and a dividend yield of 3.78%.

Separately, TheStreet lowered Marine Products from a “b-” rating to a “c+” rating in a report on Thursday, September 9th.

Institutional investors have recently bought and sold shares of the company. Los Angeles Capital Management LLC raised its position in shares of Marine Products by 4.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 21,391 shares of the company’s stock valued at $330,000 after purchasing an additional 930 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Marine Products by 3.1% during the 1st quarter. Nuveen Asset Management LLC now owns 35,347 shares of the company’s stock valued at $575,000 after purchasing an additional 1,079 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Marine Products by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 192,020 shares of the company’s stock worth $2,965,000 after buying an additional 1,176 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Marine Products by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 628,739 shares of the company’s stock worth $9,708,000 after buying an additional 1,796 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Marine Products by 1.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 160,324 shares of the company’s stock valued at $2,476,000 after buying an additional 2,513 shares during the last quarter. 14.47% of the stock is owned by hedge funds and other institutional investors.

About Marine Products

Marine Products Corp. engages in the design, manufacture, and sale of fiberglass powerboats through its subsidiary. Its products include Vortex, Robalo, and Chaparral . The company was founded on August 31, 2000 and is headquartered in Atlanta, GA.

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