B. Riley Weighs in on Marine Products Corp.’s Q2 2020 Earnings (NYSE:MPX)
Marine Products Corp. (NYSE:MPX) – B. Riley reduced their Q2 2020 earnings estimates for Marine Products in a research report issued to clients and investors on Monday, March 23rd. B. Riley analyst E. Wold now expects that the company will earn $0.18 per share for the quarter, down from their previous forecast of $0.29. B. Riley has a “Neutral” rating and a $8.00 price target on the stock. B. Riley also issued estimates for Marine Products’ Q3 2020 earnings at $0.14 EPS and Q1 2021 earnings at $0.17 EPS.
A number of other brokerages also recently commented on MPX. ValuEngine upgraded Marine Products from a “sell” rating to a “hold” rating in a report on Friday, February 21st. Zacks Investment Research raised Marine Products from a “sell” rating to a “hold” rating in a research note on Tuesday, March 17th.
Marine Products (NYSE:MPX) last issued its earnings results on Wednesday, January 29th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.02). The firm had revenue of $48.18 million during the quarter, compared to analysts’ expectations of $60.08 million. Marine Products had a return on equity of 36.13% and a net margin of 9.67%.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Monday, February 10th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend was Friday, February 7th. Marine Products’s dividend payout ratio is 57.83%.
Several hedge funds and other institutional investors have recently bought and sold shares of MPX. State Street Corp raised its stake in Marine Products by 2.7% during the 4th quarter. State Street Corp now owns 154,071 shares of the company’s stock valued at $2,219,000 after purchasing an additional 4,037 shares during the period. Geode Capital Management LLC boosted its holdings in Marine Products by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 94,125 shares of the company’s stock valued at $1,355,000 after acquiring an additional 1,592 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new position in Marine Products during the 1st quarter valued at $884,000. Denali Advisors LLC raised its position in Marine Products by 42.6% during the 4th quarter. Denali Advisors LLC now owns 46,502 shares of the company’s stock valued at $670,000 after purchasing an additional 13,900 shares in the last quarter. Finally, Zebra Capital Management LLC raised its position in Marine Products by 15.2% during the 4th quarter. Zebra Capital Management LLC now owns 17,649 shares of the company’s stock valued at $254,000 after purchasing an additional 2,327 shares in the last quarter. 13.93% of the stock is currently owned by hedge funds and other institutional investors.
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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