Marine Products Corp. (MPX) Cut to Hold at Zacks Investment Research
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 reiterated a neutral rating and issued a $10.00 price target on shares of Marine Products Corp. in a research note on Tuesday, August 2nd.
Marine Products Corp. (NYSE:MPX) opened at 9.05 on Wednesday. Marine Products Corp. has a 1-year low of $4.92 and a 1-year high of $9.38. The company has a market cap of $347.11 million, a PE ratio of 21.75 and a beta of 1.53. The stock has a 50 day moving average of $8.90 and a 200-day moving average of $8.49.
Marine Products Corp. (NYSE:MPX) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. Marine Products Corp. had a net margin of 6.95% and a return on equity of 17.09%. The company earned $65 million during the quarter, compared to analyst estimates of $62.09 million. On average, equities research analysts predict that Marine Products Corp. will post $0.50 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th were given a dividend of $0.06 per share. The ex-dividend date was Monday, August 8th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.65%. Marine Products Corp.’s payout ratio is presently 58.54%.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Institutional Trust Company N.A. raised its position in shares of Marine Products Corp. by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 417,412 shares of the company’s stock worth $3,531,000 after buying an additional 4,837 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Marine Products Corp. by 3.3% in the second quarter. BlackRock Fund Advisors now owns 288,202 shares of the company’s stock worth $2,438,000 after buying an additional 9,162 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Marine Products Corp. by 4.4% in the first quarter. Geode Capital Management LLC now owns 45,247 shares of the company’s stock worth $343,000 after buying an additional 1,905 shares during the last quarter. BlackRock Investment Management LLC raised its position in shares of Marine Products Corp. by 1.7% in the second quarter. BlackRock Investment Management LLC now owns 38,794 shares of the company’s stock worth $328,000 after buying an additional 642 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Marine Products Corp. by 1.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 33,704 shares of the company’s stock worth $286,000 after buying an additional 630 shares during the last quarter. Hedge funds and other institutional investors own 20.29% of the company’s stock.
About Marine Products Corp.
Marine Products Corporation (MPC) is engaged in manufacturing powerboats and providing related products and services. The Company manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. The Company operates in Powerboat Manufacturing business segment. The Company’s product offerings include Chaparral sterndrive, outboard and jet pleasure boats, and Robalo outboard sport fishing boats.
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