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

StockNews.com cut shares of Marine Products (NYSE:MPX) from a buy rating to a hold rating in a research note released on Wednesday morning.

Marine Products Price Performance

Shares of Marine Products stock opened at $9.02 on Wednesday. The stock’s 50-day moving average is $9.58 and its 200 day moving average is $9.62. The firm has a market cap of $313.11 million, a price-to-earnings ratio of 17.02 and a beta of 1.23. Marine Products has a one year low of $8.86 and a one year high of $12.47.

Marine Products (NYSE:MPX) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. Marine Products had a return on equity of 13.55% and a net margin of 7.32%. The firm had revenue of $49.85 million during the quarter. During the same quarter in the prior year, the firm earned $0.30 EPS. On average, sell-side analysts expect that Marine Products will post 0.4 EPS 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 paid a dividend of $0.14 per share. The ex-dividend date was Friday, November 8th. This represents a $0.56 dividend on an annualized basis and a yield of 6.21%. Marine Products’s dividend payout ratio (DPR) is currently 105.66%.

Institutional Trading of Marine Products

Several institutional investors have recently made changes to their positions in MPX. Dimensional Fund Advisors LP raised its stake in shares of Marine Products by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock valued at $6,569,000 after buying an additional 9,680 shares during the period. De Lisle Partners LLP grew its position in Marine Products by 44.8% during the third quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock worth $2,901,000 after buying an additional 92,181 shares in the last quarter. Geode Capital Management LLC increased its stake in Marine Products by 3.7% in the 3rd 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 last quarter. BNP Paribas Financial Markets raised its holdings in shares of Marine Products by 661.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock valued at $199,000 after acquiring an additional 17,831 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Marine Products by 173.0% during the 3rd quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after acquiring an additional 7,636 shares during the last quarter. 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.