BidaskClub Lowers Marine Products Corporation (NYSE:MPX) to Buy
Marine Products Corporation (NYSE:MPX) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.
MPX has been the topic of several other reports. Zacks Investment Research upgraded shares of Marine Products Corporation from a “sell” rating to a “hold” rating in a report on Thursday, March 30th. B. Riley restated a “neutral” rating and issued a $11.50 price objective on shares of Marine Products Corporation in a report on Friday, April 28th.
Marine Products Corporation (NYSE:MPX) traded down 0.67% on Wednesday, reaching $14.73. 59,991 shares of the company traded hands. The stock has a market capitalization of $514.92 million, a price-to-earnings ratio of 30.18 and a beta of 0.35. The stock has a 50 day moving average of $14.70 and a 200-day moving average of $12.53. Marine Products Corporation has a 1-year low of $8.30 and a 1-year high of $16.25.
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 consensus estimate of $0.13 by $0.02. The firm 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%. On average, equities analysts anticipate that Marine Products Corporation will post $0.61 EPS for the current year.
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In other Marine Products Corporation news, CFO Ben M. Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $14.35, for a total transaction of $71,750.00. Following the sale, the chief financial officer now directly owns 365,073 shares in the company, valued at $5,238,797.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ben M. Palmer sold 2,500 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $14.27, for a total transaction of $35,675.00. Following the sale, the chief financial officer now owns 383,573 shares in the company, valued at $5,473,586.71. The disclosure for this sale can be found here. Insiders have sold 21,000 shares of company stock worth $297,100 over the last quarter. Insiders own 77.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in MPX. Schwab Charles Investment Management Inc. increased its position in shares of 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 worth $446,000 after buying an additional 2,736 shares in 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. 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. 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. Finally, Wedge Capital Management L L P NC purchased a new stake in Marine Products Corporation during the first quarter valued at $349,000. 15.33% of the stock is owned by institutional investors and hedge funds.
Marine Products Corporation Company Profile
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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