According to Zacks, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. “
A number of other research analysts have also recently issued reports on MPX. B. Riley lifted their price target on shares of Marine Products from $11.50 to $14.50 in a research report on Monday, July 13th. TheStreet cut shares of Marine Products from a b- rating to a c rating in a research report on Monday, August 31st.
NYSE:MPX opened at $19.13 on Friday. The company has a 50-day moving average price of $15.05 and a 200-day moving average price of $12.07. Marine Products has a 12 month low of $6.77 and a 12 month high of $20.00. The stock has a market cap of $649.83 million, a price-to-earnings ratio of 38.26 and a beta of 1.27.
Marine Products (NYSE:MPX) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Marine Products had a net margin of 7.86% and a return on equity of 22.13%. The company had revenue of $40.82 million during the quarter, compared to analysts’ expectations of $31.73 million. On average, equities research analysts expect that Marine Products will post 0.52 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 10th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, August 7th. This represents a $0.32 dividend on an annualized basis and a yield of 1.67%. Marine Products’s dividend payout ratio is currently 38.55%.
A number of large investors have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL increased its stake in Marine Products by 0.3% during the 2nd quarter. Gamco Investors INC. ET AL now owns 785,065 shares of the company’s stock valued at $10,873,000 after purchasing an additional 2,054 shares in the last quarter. State Street Corp increased its stake in Marine Products by 2.6% during the 1st quarter. State Street Corp now owns 158,153 shares of the company’s stock valued at $1,278,000 after purchasing an additional 4,082 shares in the last quarter. Geode Capital Management LLC increased its stake in Marine Products by 3.5% during the 1st quarter. Geode Capital Management LLC now owns 97,396 shares of the company’s stock valued at $786,000 after purchasing an additional 3,271 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Marine Products during the 1st quarter valued at about $884,000. Finally, Denali Advisors LLC increased its stake in Marine Products by 24.4% during the 2nd quarter. Denali Advisors LLC now owns 58,670 shares of the company’s stock valued at $813,000 after purchasing an additional 11,500 shares in the last quarter. Institutional investors and hedge funds own 13.69% of the company’s stock.
About Marine Products
Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, deckboat, cruiser, jet boat, and sport fishing markets worldwide. The company provides Chaparral sterndrive pleasure boats, including SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex jet boats and the Surf Series, and Robalo outboard sport fishing boats, as well as H2O Sport, and Fish and Ski boats.
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