StockNews.com Upgrades Marine Products (NYSE:MPX) to “Buy”

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

Marine Products Stock Performance

Shares of NYSE MPX opened at $9.37 on Friday. Marine Products has a fifty-two week low of $8.67 and a fifty-two week high of $12.47. The company has a market cap of $325.23 million, a PE ratio of 17.68 and a beta of 1.23. The business has a 50-day simple moving average of $9.34 and a two-hundred day simple moving average of $9.54.

Marine Products (NYSE:MPX) last posted its quarterly earnings results on Thursday, January 30th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.07. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. On average, sell-side analysts predict that Marine Products will post 0.4 earnings per share for the current fiscal year.

Institutional Trading of Marine Products

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its holdings 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 during the last quarter. Barclays PLC lifted its holdings 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 during the period. Rhumbline Advisers boosted its stake in shares of Marine Products by 10.6% in the fourth quarter. Rhumbline Advisers now owns 12,923 shares of the company’s stock worth $118,000 after buying an additional 1,236 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Marine Products by 661.6% during the third quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after acquiring an additional 17,831 shares during the period. Finally, 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. Institutional investors and hedge funds 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.