Marine Products (NYSE:MPX) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Marine Products (NYSE:MPX) from a buy rating to a hold rating in a report issued on Wednesday morning.

Marine Products Stock Down 2.8 %

Shares of MPX stock opened at $8.77 on Wednesday. The business has a 50 day moving average of $9.56 and a two-hundred day moving average of $9.61. Marine Products has a 52 week low of $8.70 and a 52 week high of $12.47. The company has a market cap of $304.43 million, a P/E ratio of 16.55 and a beta of 1.23.

Marine Products (NYSE:MPX) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $49.85 million for the quarter. Marine Products had a return on equity of 13.55% and a net margin of 7.32%. During the same period last year, the firm posted $0.30 EPS. Analysts expect that Marine Products will post 0.4 EPS for the current fiscal year.

Marine Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 11th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.56 annualized dividend and a dividend yield of 6.39%. Marine Products’s dividend payout ratio is currently 105.66%.

Hedge Funds Weigh In On Marine Products

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its position in Marine Products by 198.2% during the 3rd quarter. FMR LLC now owns 8,353 shares of the company’s stock worth $81,000 after purchasing an additional 5,552 shares in the last quarter. Barclays PLC grew its holdings in shares of Marine Products by 173.0% during the 3rd quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after acquiring an additional 7,636 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Marine Products by 661.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock valued at $199,000 after acquiring an additional 17,831 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Marine Products by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock valued at $2,333,000 after acquiring an additional 8,527 shares in the last quarter. Finally, De Lisle Partners LLP grew its holdings in shares of Marine Products by 44.8% during the 3rd quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock valued at $2,901,000 after acquiring an additional 92,181 shares in the last quarter. 13.86% of the stock is currently owned by hedge funds and other institutional investors.

About Marine Products

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.