Marine Products (NYSE:MPX) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Marine Products (NYSE:MPX) from a buy rating to a hold rating in a research note published on Friday morning.

Marine Products Stock Performance

Shares of Marine Products stock opened at $9.34 on Friday. Marine Products has a twelve month low of $8.86 and a twelve month high of $12.47. The firm has a market cap of $324.22 million, a P/E ratio of 17.62 and a beta of 1.22. The firm’s 50-day simple moving average is $9.70 and its 200-day simple moving average is $9.71.

Marine Products (NYSE:MPX) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The company 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 in the prior year, the company posted $0.30 earnings per share. On average, equities analysts forecast that Marine Products will post 0.4 earnings per share for the current fiscal year.

Marine Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 6.00%. The ex-dividend date was Friday, November 8th. Marine Products’s payout ratio is 105.66%.

Institutional Trading of Marine Products

Several hedge funds have recently modified their holdings of MPX. De Lisle Partners LLP grew its position in Marine Products by 44.8% during the 3rd quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock worth $2,901,000 after acquiring an additional 92,181 shares during the last quarter. BNP Paribas Financial Markets raised its position 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 worth $199,000 after acquiring an additional 17,831 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Marine Products by 21,775.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,625 shares of the company’s stock valued at $27,000 after acquiring an additional 2,613 shares during the period. Dimensional Fund Advisors LP boosted its holdings in 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 acquiring an additional 9,680 shares during the last quarter. Finally, Barclays PLC increased its position in Marine Products by 173.0% in the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock worth $116,000 after purchasing an additional 7,636 shares during the period. Institutional investors and hedge funds 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.