Marine Products (NYSE:MPX) Announces Earnings Results

Marine Products (NYSE:MPX) announced its earnings results on Thursday. The company reported $0.05 EPS for the quarter, Zacks reports. The firm had revenue of $66.53 million for the quarter. Marine Products had a net margin of 2.82% and a return on equity of 9.54%. During the same quarter last year, the business earned $0.06 EPS.

Marine Products Price Performance

Shares of NYSE MPX traded up $0.32 during trading hours on Friday, hitting $8.78. 40,534 shares of the company’s stock were exchanged, compared to its average volume of 30,675. Marine Products has a 1-year low of $6.83 and a 1-year high of $10.08. The stock has a market capitalization of $309.44 million, a price-to-earnings ratio of 43.91 and a beta of 1.11. The company’s 50-day moving average price is $7.51 and its 200-day moving average price is $8.33.

Marine Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Friday, May 8th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, May 8th. Marine Products’s payout ratio is currently 280.00%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Marine Products in a research report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On Marine Products

Several large investors have recently bought and sold shares of MPX. CANADA LIFE ASSURANCE Co raised its stake in Marine Products by 70.5% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 4,071 shares of the company’s stock valued at $36,000 after purchasing an additional 1,684 shares during the last quarter. Strs Ohio acquired a new position in Marine Products during the 1st quarter valued at $77,000. Corient Private Wealth LLC acquired a new position in Marine Products during the 2nd quarter valued at $85,000. Wells Fargo & Company MN raised its stake in Marine Products by 61.5% during the 4th quarter. Wells Fargo & Company MN now owns 9,787 shares of the company’s stock valued at $86,000 after purchasing an additional 3,726 shares during the last quarter. Finally, Barclays PLC raised its stake in Marine Products by 10.5% during the 4th quarter. Barclays PLC now owns 13,819 shares of the company’s stock valued at $121,000 after purchasing an additional 1,316 shares during the last quarter. 13.86% of the stock is currently owned by institutional investors and hedge funds.

About Marine Products

Marine Products Corporation, headquartered in Sparta, Michigan, designs and manufactures inflatable and rigid-hulled inflatable boats (RIBs) for recreational, commercial and governmental customers. Established in 1954, the company leverages decades of engineering expertise to deliver vessels for applications such as law enforcement, search and rescue, military operations, offshore support and luxury yacht tenders.

The firm’s product lineup includes a variety of RIBs and inflatables constructed from advanced composite hulls and high-performance fabrics.