Marine Products (NYSE:MPX) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?

Marine Products Corporation (NYSE:MPX) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.66 and traded as high as $8.75. Marine Products shares last traded at $8.1020, with a volume of 39,616 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Marine Products in a report on Monday, December 1st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Marine Products has a consensus rating of “Sell”.

Marine Products Stock Down 7.0%

The stock has a market cap of $283.57 million, a price-to-earnings ratio of 21.90 and a beta of 1.06. The stock has a 50 day simple moving average of $8.57 and a 200 day simple moving average of $8.66.

Marine Products (NYSE:MPX) last issued its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). Marine Products had a return on equity of 10.44% and a net margin of 5.84%.The firm had revenue of $53.15 million during the quarter, compared to the consensus estimate of $54.80 million. Equities analysts expect that Marine Products Corporation will post 0.4 earnings per share for the current year.

Marine Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date of this dividend is Monday, November 10th. Marine Products’s dividend payout ratio (DPR) is presently 151.35%.

Institutional Investors Weigh In On Marine Products

Institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Marine Products by 8.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 25,788 shares of the company’s stock worth $216,000 after buying an additional 1,959 shares during the period. Nuveen LLC bought a new position in shares of Marine Products in the first quarter worth $233,000. Russell Investments Group Ltd. grew its position in shares of Marine Products by 21.4% in the first quarter. Russell Investments Group Ltd. now owns 204,792 shares of the company’s stock valued at $1,718,000 after purchasing an additional 36,160 shares in the last quarter. Strs Ohio bought a new stake in shares of Marine Products during the 1st quarter valued at $77,000. Finally, Rhumbline Advisers lifted its holdings in Marine Products by 66.6% during the 1st quarter. Rhumbline Advisers now owns 21,525 shares of the company’s stock worth $181,000 after purchasing an additional 8,602 shares in the last quarter. 13.86% of the stock is owned by institutional investors.

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.