Marine Products (NYSE:MPX) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of Marine Products (NYSE:MPX) from a buy rating to a strong-buy rating in a research report released on Monday morning.

Separately, DA Davidson started coverage on Marine Products in a research note on Tuesday, August 22nd. They issued a neutral rating and a $16.00 price objective on the stock.

Marine Products Price Performance

Shares of NYSE MPX opened at $13.42 on Monday. The stock’s fifty day moving average price is $15.82 and its two-hundred day moving average price is $14.94. Marine Products has a one year low of $7.75 and a one year high of $17.81. The firm has a market cap of $462.55 million, a price-to-earnings ratio of 9.26 and a beta of 1.20.

Marine Products (NYSE:MPX) last released its earnings results on Wednesday, July 26th. The company reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $116.16 million for the quarter. Marine Products had a return on equity of 38.06% and a net margin of 11.09%. On average, equities analysts anticipate that Marine Products will post 1.45 earnings per share for the current fiscal year.

Marine Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 10th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $0.56 annualized dividend and a yield of 4.17%. Marine Products’s dividend payout ratio is presently 38.62%.

Hedge Funds Weigh In On Marine Products

Several large investors have recently bought and sold shares of the company. Lazard Asset Management LLC raised its position in Marine Products by 9.5% in the second quarter. Lazard Asset Management LLC now owns 7,881 shares of the company’s stock valued at $132,000 after purchasing an additional 682 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Marine Products by 3.3% during the third quarter. Nuveen Asset Management LLC now owns 30,428 shares of the company’s stock worth $257,000 after acquiring an additional 983 shares during the last quarter. Connors Investor Services Inc. raised its position in shares of Marine Products by 5.5% during the first quarter. Connors Investor Services Inc. now owns 19,100 shares of the company’s stock worth $221,000 after acquiring an additional 1,000 shares during the last quarter. BNP Paribas Arbitrage SNC raised its position in shares of Marine Products by 20.4% during the third quarter. BNP Paribas Arbitrage SNC now owns 6,734 shares of the company’s stock worth $57,000 after acquiring an additional 1,139 shares during the last quarter. Finally, State Street Corp raised its position in shares of Marine Products by 0.9% during the first quarter. State Street Corp now owns 147,650 shares of the company’s stock worth $1,948,000 after acquiring an additional 1,296 shares during the last quarter. 13.34% of the stock is currently owned by institutional investors.

Marine Products Company Profile

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, 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.