Marine Products (NYSE:MPX) Upgraded at StockNews.com

StockNews.com upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

Marine Products Stock Down 0.3 %

Shares of NYSE MPX opened at $9.65 on Thursday. Marine Products has a 12-month low of $8.86 and a 12-month high of $12.47. The firm’s 50-day simple moving average is $9.72 and its 200 day simple moving average is $9.75. The company has a market cap of $334.98 million, a price-to-earnings ratio of 18.21 and a beta of 1.22.

Marine Products (NYSE:MPX) last announced its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $49.85 million for the quarter. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. During the same quarter in the previous year, the company posted $0.30 earnings per share. On average, equities analysts expect that Marine Products will post 0.4 earnings per share for the current year.

Marine Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were given a dividend of $0.14 per share. The ex-dividend date was Friday, November 8th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.80%. Marine Products’s payout ratio is currently 105.66%.

Hedge Funds Weigh In On Marine Products

Several hedge funds have recently added to or reduced their stakes in MPX. Nisa Investment Advisors LLC lifted its position in Marine Products by 21,775.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,625 shares of the company’s stock valued at $27,000 after purchasing an additional 2,613 shares during the period. FMR LLC raised its stake in shares of Marine Products by 198.2% during the third quarter. FMR LLC now owns 8,353 shares of the company’s stock worth $81,000 after buying an additional 5,552 shares during the last quarter. Barclays PLC lifted its holdings in Marine Products by 173.0% in the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after buying an additional 7,636 shares during the period. BNP Paribas Financial Markets grew its holdings in Marine Products by 661.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after acquiring an additional 17,831 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Marine Products by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock worth $2,333,000 after acquiring an additional 8,527 shares during the period. Institutional investors own 13.86% of the company’s stock.

About Marine Products

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sport boat and sport fishing boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats and SSi outboard models; and Robalo outboard sport fishing boats.