Marine Products (NYSE:MPX) Downgraded to Hold Rating by StockNews.com

Marine Products (NYSE:MPX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Marine Products Trading Down 2.2 %

Shares of MPX opened at $9.03 on Wednesday. The firm has a fifty day simple moving average of $9.58 and a 200 day simple moving average of $9.62. Marine Products has a 12 month low of $8.86 and a 12 month high of $12.47. The stock has a market capitalization of $313.46 million, a price-to-earnings ratio of 17.04 and a beta of 1.23.

Marine Products (NYSE:MPX) last released its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The business had revenue of $49.85 million during the quarter. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. During the same period in the prior year, the business posted $0.30 earnings per share. As a group, research analysts predict that Marine Products will post 0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Marine Products

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its holdings in shares of Marine Products by 661.6% during the third quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after purchasing an additional 17,831 shares during the period. De Lisle Partners LLP grew its position in Marine Products by 44.8% during the third quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock worth $2,901,000 after buying an additional 92,181 shares in the last quarter. FMR LLC raised its holdings in Marine Products by 198.2% in the 3rd quarter. FMR LLC now owns 8,353 shares of the company’s stock valued at $81,000 after acquiring an additional 5,552 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Marine Products by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock valued at $6,569,000 after acquiring an additional 9,680 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Marine Products by 173.0% during the 3rd quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after acquiring an additional 7,636 shares during the period. Institutional investors and hedge funds 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.