Marine Products (NYSE:MPX) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Marine Products (NYSE:MPX) issued its earnings results on Thursday. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02, Zacks reports. The company had revenue of $49.85 million during the quarter. Marine Products had a return on equity of 17.86% and a net margin of 9.04%. During the same quarter in the prior year, the business earned $0.30 earnings per share.

Marine Products Stock Performance

Shares of Marine Products stock traded down $0.19 during mid-day trading on Friday, hitting $9.40. 23,574 shares of the stock were exchanged, compared to its average volume of 50,187. Marine Products has a 12 month low of $8.86 and a 12 month high of $12.47. The company has a 50-day simple moving average of $9.49 and a 200 day simple moving average of $10.02. The company has a market capitalization of $326.02 million, a P/E ratio of 9.31 and a beta of 1.23.

Marine Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 11th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, November 8th. This represents a $0.56 annualized dividend and a dividend yield of 5.96%. Marine Products’s dividend payout ratio is currently 55.45%.

Analyst Ratings Changes

Separately, DA Davidson cut their price target on Marine Products from $11.00 to $8.00 and set a “neutral” rating for the company 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.