Zacks Investment Research Lowers Marine Products Corporation (MPX) to Hold
Zacks Investment Research lowered shares of Marine Products Corporation (NYSE:MPX) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. “
MPX has been the topic of a number of other research reports. ValuEngine upgraded Marine Products Corporation from a hold rating to a buy rating in a research note on Friday, July 28th. BidaskClub cut Marine Products Corporation from a strong-buy rating to a buy rating in a research note on Wednesday, July 19th. Ifs Securities restated a market perform rating on shares of Marine Products Corporation in a research note on Thursday, September 7th. Finally, B. Riley restated a neutral rating and issued a $12.00 price target on shares of Marine Products Corporation in a research note on Monday, August 7th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Marine Products Corporation currently has a consensus rating of Hold and an average target price of $15.00.
Shares of Marine Products Corporation (NYSE MPX) opened at 16.42 on Wednesday. Marine Products Corporation has a 52-week low of $8.76 and a 52-week high of $17.12. The stock has a market capitalization of $572.76 million, a price-to-earnings ratio of 30.69 and a beta of 0.32. The stock has a 50 day moving average of $15.49 and a 200-day moving average of $13.91.
Marine Products Corporation (NYSE:MPX) last released its quarterly earnings results on Wednesday, July 26th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.03. Marine Products Corporation had a return on equity of 25.69% and a net margin of 7.60%. The firm had revenue of $71.48 million during the quarter, compared to the consensus estimate of $73.33 million. On average, equities research analysts predict that Marine Products Corporation will post $0.64 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Thursday, August 10th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Tuesday, August 8th. Marine Products Corporation’s dividend payout ratio (DPR) is currently 51.85%.
In other Marine Products Corporation news, Director Pam R. Rollins acquired 6,070 shares of Marine Products Corporation stock in a transaction that occurred on Thursday, August 24th. The shares were acquired at an average cost of $14.90 per share, with a total value of $90,443.00. Following the completion of the purchase, the director now directly owns 1,104 shares of the company’s stock, valued at approximately $16,449.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pam R. Rollins acquired 3,930 shares of Marine Products Corporation stock in a transaction that occurred on Friday, August 25th. The stock was acquired at an average cost of $15.14 per share, for a total transaction of $59,500.20. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $151,400. The disclosure for this purchase can be found here. Company insiders own 77.90% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN raised its position in Marine Products Corporation by 0.4% in the second quarter. Wells Fargo & Company MN now owns 7,594 shares of the company’s stock valued at $118,000 after purchasing an additional 27 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Marine Products Corporation during the second quarter worth about $187,000. Hillsdale Investment Management Inc. bought a new position in shares of Marine Products Corporation during the second quarter worth about $237,000. Susquehanna International Group LLP raised its position in shares of Marine Products Corporation by 37.0% during the second quarter. Susquehanna International Group LLP now owns 16,306 shares of the company’s stock worth $255,000 after acquiring an additional 4,406 shares during the last quarter. Finally, Chicago Equity Partners LLC bought a new position in shares of Marine Products Corporation during the second quarter worth about $340,000. Hedge funds and other institutional investors own 15.26% of the company’s stock.
About Marine Products Corporation
Marine Products Corporation manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. The Company designs, manufactures and sells recreational fiberglass powerboats in the sportboat, deckboat, cruiser, jet boat and sport fishing markets. The Company’s product offerings include Chaparral sterndrive, outboard and jet pleasure boats, and Robalo outboard sport fishing boats.
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