Marine Products (NYSE:MPX) Downgraded to “Buy” at StockNews.com

Marine Products (NYSE:MPX) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Sunday.

Separately, DA Davidson started coverage on shares of Marine Products in a research note on Tuesday, August 22nd. They issued a “neutral” rating and a $16.00 price target for the company.

Marine Products Price Performance

Shares of MPX opened at $13.79 on Friday. Marine Products has a 1-year low of $7.75 and a 1-year high of $17.81. The stock has a market cap of $475.34 million, a PE ratio of 9.51 and a beta of 1.20. The firm has a 50-day simple moving average of $16.21 and a two-hundred day simple moving average of $14.90.

Marine Products (NYSE:MPX) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.42 earnings per share for the quarter. Marine Products had a net margin of 11.09% and a return on equity of 38.06%. The business had revenue of $116.16 million during the quarter. As a group, sell-side analysts expect that Marine Products will post 1.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Marine Products

Institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC boosted its position in shares of Marine Products by 9.5% in the 2nd quarter. Lazard Asset Management LLC now owns 7,881 shares of the company’s stock worth $132,000 after buying an additional 682 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Marine Products by 3.3% in the 3rd quarter. Nuveen Asset Management LLC now owns 30,428 shares of the company’s stock worth $257,000 after buying an additional 983 shares in the last quarter. Connors Investor Services Inc. boosted its position in shares of Marine Products by 5.5% in the 1st quarter. Connors Investor Services Inc. now owns 19,100 shares of the company’s stock worth $221,000 after buying an additional 1,000 shares in the last quarter. BNP Paribas Arbitrage SNC boosted its position in shares of Marine Products by 20.4% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 6,734 shares of the company’s stock worth $57,000 after buying an additional 1,139 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Marine Products by 0.9% in the 1st quarter. State Street Corp now owns 147,650 shares of the company’s stock worth $1,948,000 after buying an additional 1,296 shares in the last quarter. 13.34% of the stock is currently owned by hedge funds and other 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.