Marine Products (NYSE:MPX) Price Target Cut to $8.00 by Analysts at DA Davidson

Marine Products (NYSE:MPX) had its price objective lowered by DA Davidson from $11.00 to $8.00 in a research note released on Monday morning, Benzinga reports. The firm currently has a neutral rating on the stock. DA Davidson also issued estimates for Marine Products’ Q3 2024 earnings at $0.08 EPS, FY2024 earnings at $0.40 EPS and FY2025 earnings at $0.50 EPS.

Marine Products Trading Up 4.6 %

NYSE MPX opened at $9.27 on Monday. The stock has a market cap of $321.51 million, a PE ratio of 9.18 and a beta of 1.24. Marine Products has a twelve month low of $8.86 and a twelve month high of $16.85. The stock has a fifty day simple moving average of $9.94 and a 200-day simple moving average of $10.52.

Marine Products (NYSE:MPX) last posted its earnings results on Thursday, July 25th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.14. Marine Products had a return on equity of 17.86% and a net margin of 9.04%. The firm had revenue of $69.55 million for the quarter. During the same period in the previous year, the company posted $0.42 EPS. Research analysts predict that Marine Products will post 0.6 EPS for the current year.

Marine Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend is Friday, August 9th. Marine Products’s dividend payout ratio is currently 55.45%.

Institutional Investors Weigh In On Marine Products

Hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC raised its position in shares of Marine Products by 10.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 33,415 shares of the company’s stock worth $393,000 after acquiring an additional 3,104 shares in the last quarter. Truist Financial Corp raised its position in shares of Marine Products by 13.1% during the 4th quarter. Truist Financial Corp now owns 61,070 shares of the company’s stock worth $696,000 after acquiring an additional 7,070 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Marine Products by 3.2% during the 1st quarter. GSA Capital Partners LLP now owns 41,949 shares of the company’s stock worth $493,000 after acquiring an additional 1,299 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Marine Products during the 4th quarter worth about $72,000. Finally, State Board of Administration of Florida Retirement System raised its position in shares of Marine Products by 147.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 30,068 shares of the company’s stock worth $353,000 after acquiring an additional 17,924 shares in the last quarter. 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.