Marine Products (NYSE:MPX) Share Price Passes Above 200-Day Moving Average – What’s Next?

Marine Products Corporation (NYSE:MPX)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.79 and traded as high as $9.68. Marine Products shares last traded at $9.57, with a volume of 22,144 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Marine Products to a “hold” rating in a report on Saturday, December 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Marine Products in a report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Marine Products currently has a consensus rating of “Sell”.

Marine Products Trading Up 1.1%

The firm’s fifty day moving average price is $8.72 and its 200-day moving average price is $8.79. The firm has a market cap of $334.95 million, a price-to-earnings ratio of 25.86 and a beta of 1.07.

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

Marine Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $0.56 annualized dividend and a yield of 5.9%. Marine Products’s dividend payout ratio is currently 151.35%.

Institutional Trading of Marine Products

Several hedge funds and other institutional investors have recently made changes to their positions in MPX. Police & Firemen s Retirement System of New Jersey acquired a new stake in Marine Products in the 2nd quarter valued at about $26,000. Strs Ohio purchased a new stake in shares of Marine Products in the first quarter valued at about $77,000. Corient Private Wealth LLC purchased a new stake in shares of Marine Products in the second quarter valued at about $85,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Marine Products in the second quarter valued at approximately $112,000. Finally, Rhumbline Advisers increased its stake in shares of 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. Institutional investors and hedge funds own 13.86% of the company’s stock.

Marine Products Company Profile

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.