Marine Products Corp. (NYSE:MPX) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Monday, August 10th will be paid a dividend of 0.08 per share on Thursday, September 10th. This represents a $0.32 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Friday, August 7th.
Marine Products has raised its dividend payment by an average of 100.0% annually over the last three years and has increased its dividend every year for the last 5 years. Marine Products has a payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Marine Products to earn $0.67 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 47.8%.
MPX stock traded down $0.19 during trading on Thursday, reaching $14.98. 2,999 shares of the stock were exchanged, compared to its average volume of 54,612. The firm’s 50 day moving average is $13.93 and its 200 day moving average is $11.91. Marine Products has a twelve month low of $6.77 and a twelve month high of $18.51. The firm has a market cap of $593.84 million, a P/E ratio of 21.07 and a beta of 1.18.
A number of research analysts have weighed in on MPX shares. B. Riley raised their price objective on shares of Marine Products from $11.50 to $14.50 in a research note on Monday, July 13th. TheStreet raised shares of Marine Products from a “c+” rating to a “b-” rating in a report on Thursday, July 23rd. Zacks Investment Research upgraded shares of Marine Products from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Friday, July 17th. Finally, ValuEngine raised shares of Marine Products from a “sell” rating to a “hold” rating in a research report on Thursday, April 30th.
About Marine Products
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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