StockNews.com Downgrades Marine Products (NYSE:MPX) to Hold

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

Marine Products Stock Down 0.1 %

Shares of MPX opened at $9.02 on Wednesday. The firm has a fifty day simple moving average of $9.58 and a two-hundred day simple moving average of $9.62. Marine Products has a twelve month low of $8.86 and a twelve month high of $12.47. The stock has a market capitalization of $313.11 million, a P/E ratio of 17.02 and a beta of 1.23.

Marine Products (NYSE:MPX) last posted its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $49.85 million for the quarter. Marine Products had a return on equity of 13.55% and a net margin of 7.32%. During the same quarter last year, the company posted $0.30 EPS. Sell-side analysts expect that Marine Products will post 0.4 EPS for the current fiscal year.

Marine Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.56 annualized dividend and a dividend yield of 6.21%. Marine Products’s payout ratio is 105.66%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MPX. Dimensional Fund Advisors LP grew its position in Marine Products by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock valued at $6,569,000 after purchasing an additional 9,680 shares during the last quarter. De Lisle Partners LLP increased its holdings in Marine Products by 44.8% in the 3rd 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 grew its stake in shares of Marine Products by 3.7% in the third 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 period. BNP Paribas Financial Markets raised its holdings in shares of Marine Products by 661.6% during the third quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock valued at $199,000 after purchasing an additional 17,831 shares during the last quarter. Finally, Barclays PLC lifted its position in Marine Products by 173.0% during the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after purchasing an additional 7,636 shares during the period. Hedge funds and other 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.