Los Angeles Capital Management LLC Trims Stock Holdings in Marine Products Co. (NYSE:MPX)

Los Angeles Capital Management LLC trimmed its position in Marine Products Co. (NYSE:MPX) by 11.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,115 shares of the company’s stock after selling 5,530 shares during the period. Los Angeles Capital Management LLC’s holdings in Marine Products were worth $398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MPX. Gamco Investors INC. ET AL grew its stake in shares of Marine Products by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 520,762 shares of the company’s stock worth $6,119,000 after acquiring an additional 1,547 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Marine Products by 21,775.0% in the second quarter. Nisa Investment Advisors LLC now owns 2,625 shares of the company’s stock worth $27,000 after acquiring an additional 2,613 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Marine Products by 10.2% in the first quarter. Janney Montgomery Scott LLC now owns 33,415 shares of the company’s stock worth $393,000 after acquiring an additional 3,104 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Marine Products by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock worth $6,569,000 after acquiring an additional 9,680 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Marine Products by 147.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 30,068 shares of the company’s stock worth $353,000 after acquiring an additional 17,924 shares during the last quarter. 13.86% of the stock is owned by hedge funds and other institutional investors.

Marine Products Price Performance

Shares of NYSE:MPX opened at $9.70 on Monday. The company has a market cap of $336.69 million, a P/E ratio of 18.30 and a beta of 1.23. Marine Products Co. has a 1 year low of $8.86 and a 1 year high of $12.47. The stock’s fifty day moving average price is $9.61 and its 200-day moving average price is $9.88.

Marine Products (NYSE:MPX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The firm 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 in the previous year, the company earned $0.30 earnings per share. On average, sell-side analysts anticipate that Marine Products Co. will post 0.4 earnings per share for the current year.

Marine Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date of this dividend is Friday, November 8th. Marine Products’s payout ratio is currently 105.66%.

Analyst Upgrades and Downgrades

Separately, DA Davidson cut their target price on Marine Products from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th.

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.