Synovus Financial Corp lessened its stake in Marine Products Corporation (NYSE:MPX) by 25.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,773 shares of the company’s stock after selling 15,557 shares during the period. Synovus Financial Corp owned approximately 0.13% of Marine Products worth $735,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Seizert Capital Partners LLC purchased a new stake in shares of Marine Products in the 2nd quarter valued at $2,031,000. Zacks Investment Management purchased a new stake in shares of Marine Products in the 2nd quarter valued at $799,000. Hillsdale Investment Management Inc. boosted its stake in shares of Marine Products by 333.3% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 65,794 shares of the company’s stock valued at $1,056,000 after purchasing an additional 50,609 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of Marine Products in the 2nd quarter valued at $603,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Marine Products by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 552,871 shares of the company’s stock valued at $6,010,000 after purchasing an additional 28,765 shares in the last quarter. 15.13% of the stock is owned by institutional investors and hedge funds.

Shares of Marine Products Corporation (NYSE:MPX) traded up $0.18 on Friday, reaching $14.85. 19,500 shares of the company’s stock traded hands, compared to its average volume of 35,300. The stock has a market cap of $510.17, a PE ratio of 26.20 and a beta of 0.30. Marine Products Corporation has a fifty-two week low of $9.88 and a fifty-two week high of $17.12.

Marine Products (NYSE:MPX) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.02). The firm had revenue of $59.20 million for the quarter, compared to analysts’ expectations of $67.86 million. Marine Products had a net margin of 7.59% and a return on equity of 28.42%. analysts expect that Marine Products Corporation will post 0.63 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.28 annualized dividend and a yield of 1.89%. Marine Products’s dividend payout ratio (DPR) is presently 50.00%.

A number of equities research analysts have recently issued reports on MPX shares. Zacks Investment Research cut shares of Marine Products from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Ifs Securities reissued a “market perform” rating on shares of Marine Products in a research report on Thursday, September 7th. Finally, B. Riley reissued a “hold” rating and set a $13.00 price target (up previously from $12.00) on shares of Marine Products in a research report on Thursday, October 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $15.50.

TRADEMARK VIOLATION WARNING: This story was published by Daily Political and is owned by of Daily Political. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://www.dailypolitical.com/2017/12/08/synovus-financial-corp-cuts-holdings-in-marine-products-corporation-mpx.html.

About Marine Products

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.

Want to see what other hedge funds are holding MPX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marine Products Corporation (NYSE:MPX).

Institutional Ownership by Quarter for Marine Products (NYSE:MPX)

Receive News & Ratings for Marine Products Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marine Products Corporation and related companies with MarketBeat.com's FREE daily email newsletter.