Marine Products (NYSE:MPX) Shares Up 8.8%

Marine Products Corp. (NYSE:MPX)’s share price shot up 8.8% on Thursday . The company traded as high as $17.12 and last traded at $17.02. 102,911 shares were traded during mid-day trading, an increase of 98% from the average session volume of 51,891 shares. The stock had previously closed at $15.64.

A number of brokerages have weighed in on MPX. TheStreet downgraded shares of Marine Products from a “b-” rating to a “c” rating in a research report on Monday, August 31st. Zacks Investment Research upgraded shares of Marine Products from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Tuesday, September 22nd. Finally, B. Riley upped their price objective on shares of Marine Products from $11.50 to $14.50 in a research report on Monday, July 13th.

The firm’s 50-day moving average is $16.02 and its two-hundred day moving average is $12.47. The stock has a market cap of $578.15 million, a price-to-earnings ratio of 34.04 and a beta of 1.27.

Marine Products (NYSE:MPX) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.02. Marine Products had a net margin of 7.86% and a return on equity of 22.13%. The firm had revenue of $40.82 million during the quarter, compared to the consensus estimate of $31.73 million. Equities research analysts predict that Marine Products Corp. will post 0.52 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 10th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, August 7th. This represents a $0.32 annualized dividend and a yield of 1.88%. Marine Products’s dividend payout ratio is presently 38.55%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. WINTON GROUP Ltd acquired a new position in Marine Products during the first quarter worth about $90,000. Charles Schwab Investment Management Inc. raised its position in Marine Products by 5.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 48,090 shares of the company’s stock worth $667,000 after acquiring an additional 2,477 shares during the last quarter. Geode Capital Management LLC raised its position in Marine Products by 3.5% during the first quarter. Geode Capital Management LLC now owns 97,396 shares of the company’s stock worth $786,000 after acquiring an additional 3,271 shares during the last quarter. Denali Advisors LLC raised its position in Marine Products by 24.4% during the second quarter. Denali Advisors LLC now owns 58,670 shares of the company’s stock worth $813,000 after acquiring an additional 11,500 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Marine Products in the first quarter valued at approximately $884,000. 13.69% of the stock is owned by institutional investors.

Marine Products Company Profile (NYSE:MPX)

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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