Marine Products (NYSE:MPX) Downgraded to Hold Rating by StockNews.com

Marine Products (NYSE:MPX) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

Marine Products Price Performance

NYSE MPX traded up $0.09 during trading hours on Friday, reaching $9.34. 57,489 shares of the stock traded hands, compared to its average volume of 33,706. The stock has a 50 day simple moving average of $9.70 and a two-hundred day simple moving average of $9.72. Marine Products has a 1 year low of $8.86 and a 1 year high of $12.47. The company has a market cap of $324.19 million, a price-to-earnings ratio of 17.62 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 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. The business had revenue of $49.85 million for the quarter. During the same quarter in the previous year, the business earned $0.30 earnings per share. On average, sell-side analysts forecast that Marine Products will post 0.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Marine Products

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its position in Marine Products by 21,775.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,625 shares of the company’s stock valued at $27,000 after buying an additional 2,613 shares in the last quarter. FMR LLC raised its stake in Marine Products by 198.2% during 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 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 worth $116,000 after acquiring an additional 7,636 shares during the last quarter. Geode Capital Management LLC increased its holdings in Marine Products by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock worth $2,333,000 after purchasing an additional 8,527 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in 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 buying an additional 9,680 shares during the period. 13.86% of the stock is owned by hedge funds and other institutional investors.

Marine Products Company Profile

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.