Marine Products Corp. (NYSE:MPX) Given Average Recommendation of “Hold” by Brokerages

Marine Products Corp. (NYSE:MPX) has been assigned an average broker rating score of 2.50 (Hold) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has assigned a buy recommendation to the company.

Brokerages have set a 1-year consensus target price of $18.50 for the company and are forecasting that the company will post $0.21 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Marine Products an industry rank of 151 out of 256 based on the ratings given to its competitors.

Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of Marine Products from a “hold” rating to a “strong-buy” rating and set a $16.00 price target on the stock in a research report on Saturday, July 27th. ValuEngine upgraded shares of Marine Products from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Ifs Securities restated an “outperform” rating on shares of Marine Products in a research report on Thursday, April 25th.

Several hedge funds and other institutional investors have recently made changes to their positions in MPX. Denali Advisors LLC grew its position in shares of Marine Products by 4,129.5% in the first quarter. Denali Advisors LLC now owns 12,181 shares of the company’s stock valued at $164,000 after purchasing an additional 11,893 shares during the period. Russell Investments Group Ltd. grew its position in shares of Marine Products by 16.1% in the second quarter. Russell Investments Group Ltd. now owns 10,800 shares of the company’s stock valued at $167,000 after purchasing an additional 1,500 shares during the period. Stanley Laman Group Ltd. acquired a new stake in shares of Marine Products in the first quarter valued at about $236,000. Raymond James & Associates acquired a new stake in shares of Marine Products in the fourth quarter valued at about $325,000. Finally, Wedge Capital Management L L P NC grew its position in shares of Marine Products by 49.7% in the first quarter. Wedge Capital Management L L P NC now owns 31,689 shares of the company’s stock valued at $427,000 after purchasing an additional 10,523 shares during the period. Institutional investors and hedge funds own 14.50% of the company’s stock.

MPX stock traded up $0.27 during midday trading on Friday, hitting $14.64. 24,400 shares of the stock traded hands, compared to its average volume of 31,612. The firm has a market cap of $489.24 million, a P/E ratio of 17.64 and a beta of 0.52. The stock’s fifty day simple moving average is $14.86 and its 200-day simple moving average is $14.51. Marine Products has a 1-year low of $12.48 and a 1-year high of $24.82.

Marine Products (NYSE:MPX) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.06. The company had revenue of $88.70 million for the quarter, compared to analyst estimates of $81.16 million. Marine Products had a net margin of 9.39% and a return on equity of 37.19%. Sell-side analysts anticipate that Marine Products will post 0.87 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 9th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.48 annualized dividend and a yield of 3.28%. Marine Products’s dividend payout ratio is presently 57.83%.

Marine Products Company Profile

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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