Marine Products (NYSE:MPX) Announces Earnings Results

Marine Products (NYSE:MPX) posted its quarterly earnings data on Thursday. The company reported $0.05 EPS for the quarter, Zacks reports. The company had revenue of $66.53 million for the quarter. Marine Products had a return on equity of 9.54% and a net margin of 2.82%.During the same period in the prior year, the firm posted $0.06 EPS.

Marine Products Stock Up 3.8%

MPX stock traded up $0.32 during midday trading on Friday, reaching $8.78. The stock had a trading volume of 40,534 shares, compared to its average volume of 30,675. The business has a fifty day simple moving average of $7.51 and a two-hundred day simple moving average of $8.33. The firm has a market cap of $309.47 million, a price-to-earnings ratio of 43.91 and a beta of 1.11. Marine Products has a twelve month low of $6.83 and a twelve month high of $10.08.

Marine Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Friday, May 8th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Friday, May 8th. Marine Products’s dividend payout ratio (DPR) is presently 280.00%.

Institutional Trading of Marine Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MPX. CANADA LIFE ASSURANCE Co increased its position in Marine Products by 70.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 4,071 shares of the company’s stock worth $36,000 after purchasing an additional 1,684 shares during the period. Strs Ohio acquired a new stake in Marine Products in the first quarter worth about $77,000. Corient Private Wealth LLC acquired a new stake in Marine Products in the second quarter worth about $85,000. Wells Fargo & Company MN increased its position in Marine Products by 61.5% in the fourth quarter. Wells Fargo & Company MN now owns 9,787 shares of the company’s stock worth $86,000 after purchasing an additional 3,726 shares during the period. Finally, Barclays PLC increased its position in Marine Products by 10.5% in the fourth quarter. Barclays PLC now owns 13,819 shares of the company’s stock worth $121,000 after purchasing an additional 1,316 shares during the period. 13.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d+)” rating on shares of Marine Products in a research note on Friday, March 27th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

About Marine Products

Marine Products Corporation, headquartered in Sparta, Michigan, designs and manufactures inflatable and rigid-hulled inflatable boats (RIBs) for recreational, commercial and governmental customers. Established in 1954, the company leverages decades of engineering expertise to deliver vessels for applications such as law enforcement, search and rescue, military operations, offshore support and luxury yacht tenders.

The firm’s product lineup includes a variety of RIBs and inflatables constructed from advanced composite hulls and high-performance fabrics.