Marine Products (NYSE:MPX) Upgraded at StockNews.com

StockNews.com upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a report issued on Thursday morning.

Marine Products Stock Down 0.9 %

Shares of NYSE:MPX opened at $9.07 on Thursday. The firm’s 50 day moving average price is $9.47 and its 200-day moving average price is $9.57. The stock has a market capitalization of $314.89 million, a PE ratio of 17.12 and a beta of 1.23. Marine Products has a twelve month low of $8.67 and a twelve month high of $12.47.

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, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $49.85 million for the quarter. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. During the same quarter in the prior year, the business earned $0.30 EPS. Analysts expect that Marine Products will post 0.4 earnings per share for the current fiscal year.

Marine Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 11th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date was Friday, November 8th. Marine Products’s payout ratio is 105.66%.

Institutional Investors Weigh In On Marine Products

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MPX. FMR LLC increased its stake in shares of Marine Products by 198.2% in the third quarter. FMR LLC now owns 8,353 shares of the company’s stock worth $81,000 after purchasing an additional 5,552 shares in the last quarter. Barclays PLC lifted its position in shares of Marine Products by 173.0% in the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after acquiring an additional 7,636 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Marine Products by 3.7% in the third quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock worth $2,333,000 after acquiring an additional 8,527 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Marine Products by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock worth $6,569,000 after purchasing an additional 9,680 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Marine Products by 661.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock valued at $199,000 after purchasing an additional 17,831 shares during the period. Institutional investors own 13.86% of the company’s stock.

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.