Gamco Investors INC. ET AL Cuts Stake in Marine Products Corporation (MPX)
Gamco Investors INC. ET AL reduced its position in shares of Marine Products Corporation (NYSE:MPX) by 47.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,161,403 shares of the company’s stock after selling 1,043,781 shares during the period. Gamco Investors INC. ET AL’s holdings in Marine Products Corporation were worth $16,109,000 at the end of the most recent quarter.
Separately, Creative Planning boosted its position in Marine Products Corporation by 2,472.5% in the third quarter. Creative Planning now owns 20,143 shares of the company’s stock worth $181,000 after buying an additional 19,360 shares during the last quarter. 22.02% of the stock is owned by institutional investors and hedge funds.
Shares of Marine Products Corporation (NYSE:MPX) traded down 0.607% during midday trading on Friday, hitting $10.645. 14,806 shares of the stock were exchanged. The firm has a market cap of $387.58 million, a P/E ratio of 24.193 and a beta of 0.64. The stock’s 50 day moving average is $12.37 and its 200 day moving average is $10.54. Marine Products Corporation has a 12-month low of $6.85 and a 12-month high of $14.87.
Marine Products Corporation (NYSE:MPX) last released its earnings results on Wednesday, January 25th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by $0.06. Marine Products Corporation had a return on equity of 17.59% and a net margin of 6.94%. The company earned $57.20 million during the quarter, compared to analysts’ expectations of $68.83 million. On average, equities research analysts forecast that Marine Products Corporation will post $0.50 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Shareholders of record on Friday, February 10th will be given a $0.07 dividend. This is an increase from Marine Products Corporation’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Wednesday, February 8th. This represents a $0.28 dividend on an annualized basis and a yield of 2.61%. Marine Products Corporation’s dividend payout ratio is presently 63.64%.
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A number of research firms have weighed in on MPX. B. Riley reissued a “neutral” rating and issued a $11.00 price objective on shares of Marine Products Corporation in a research report on Wednesday, February 1st. Zacks Investment Research cut shares of Marine Products Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, January 31st.
Marine Products Corporation Company Profile
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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