Marine Products (NYSE:MPX) Upgraded at StockNews.com

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

Marine Products Stock Performance

NYSE MPX opened at $9.37 on Friday. The business’s fifty day moving average is $9.34 and its 200 day moving average is $9.53. Marine Products has a fifty-two week low of $8.67 and a fifty-two week high of $12.47. The company has a market capitalization of $325.23 million, a PE ratio of 17.68 and a beta of 1.23.

Marine Products (NYSE:MPX) last posted its quarterly earnings results on Thursday, January 30th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.07. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. On average, sell-side analysts forecast that Marine Products will post 0.4 EPS for the current year.

Marine Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Monday, February 10th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date is Monday, February 10th. Marine Products’s dividend payout ratio (DPR) is currently 105.66%.

Hedge Funds Weigh In On Marine Products

Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers lifted its stake in Marine Products by 10.6% in the 4th quarter. Rhumbline Advisers now owns 12,923 shares of the company’s stock worth $118,000 after purchasing an additional 1,236 shares in the last quarter. FMR LLC boosted 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 buying an additional 5,552 shares during the last quarter. Barclays PLC grew its holdings in 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 buying an additional 7,636 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. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Marine Products by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock worth $6,569,000 after acquiring an additional 9,680 shares in the last quarter. 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.