Marine Products (NYSE:MPX) Stock Rating Upgraded by StockNews.com

Marine Products (NYSE:MPX) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Marine Products Stock Performance

Marine Products stock opened at $9.17 on Tuesday. The company has a 50 day moving average price of $9.61 and a 200 day moving average price of $9.65. Marine Products has a 52 week low of $8.86 and a 52 week high of $12.47. The firm has a market capitalization of $318.32 million, a price-to-earnings ratio of 17.30 and a beta of 1.22.

Marine Products (NYSE:MPX) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business 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 quarter in the prior year, the firm posted $0.30 EPS. Equities analysts forecast that Marine Products will post 0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Marine Products

A number of hedge funds have recently modified their holdings of MPX. FMR LLC grew its stake in Marine Products by 198.2% in the third quarter. FMR LLC now owns 8,353 shares of the company’s stock valued at $81,000 after purchasing an additional 5,552 shares in the last quarter. Barclays PLC grew its stake in shares of Marine Products by 173.0% in the 3rd quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after buying an additional 7,636 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Marine Products by 661.6% in the third quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after buying an additional 17,831 shares during the last quarter. Geode Capital Management LLC raised its position in Marine Products by 3.7% during the third quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock valued at $2,333,000 after acquiring an additional 8,527 shares in the last quarter. Finally, De Lisle Partners LLP lifted its stake in Marine Products by 44.8% in the third quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock valued at $2,901,000 after acquiring an additional 92,181 shares during the last quarter. 13.86% of the stock is owned by institutional investors and hedge funds.

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.