Marine Products Corp. (NYSE:MPX) CFO Ben M. Palmer sold 7,173 shares of the business’s stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $16.35, for a total value of $117,278.55. Following the transaction, the chief financial officer now directly owns 366,140 shares of the company’s stock, valued at approximately $5,986,389. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of NYSE:MPX traded up $0.02 during midday trading on Thursday, hitting $16.52. 7,020 shares of the stock were exchanged, compared to its average volume of 19,459. The stock has a market cap of $574.14 million, a P/E ratio of 27.53 and a beta of 0.38. Marine Products Corp. has a 12 month low of $12.00 and a 12 month high of $17.12.
Marine Products (NYSE:MPX) last released its quarterly earnings results on Wednesday, April 25th. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.05. Marine Products had a return on equity of 32.78% and a net margin of 7.91%. The company had revenue of $77.54 million for the quarter, compared to analysts’ expectations of $77.29 million. equities analysts forecast that Marine Products Corp. will post 0.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 11th. Investors of record on Thursday, May 10th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Wednesday, May 9th. Marine Products’s payout ratio is presently 66.67%.
Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in Marine Products by 14.6% in the fourth quarter. Renaissance Technologies LLC now owns 198,000 shares of the company’s stock valued at $2,523,000 after acquiring an additional 25,300 shares during the last quarter. Millennium Management LLC boosted its holdings in Marine Products by 16.8% in the fourth quarter. Millennium Management LLC now owns 55,577 shares of the company’s stock valued at $708,000 after acquiring an additional 8,009 shares during the last quarter. Deutsche Bank AG boosted its holdings in Marine Products by 27.3% in the fourth quarter. Deutsche Bank AG now owns 27,692 shares of the company’s stock valued at $351,000 after acquiring an additional 5,941 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Marine Products by 17.9% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 29,416 shares of the company’s stock valued at $375,000 after acquiring an additional 4,464 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Marine Products by 3.8% in the third quarter. Dimensional Fund Advisors LP now owns 591,374 shares of the company’s stock valued at $9,492,000 after acquiring an additional 21,526 shares during the last quarter. Institutional investors and hedge funds own 14.33% of the company’s stock.
Several research firms have recently weighed in on MPX. ValuEngine cut Marine Products from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research upgraded Marine Products from a “sell” rating to a “hold” rating and set a $17.00 price target on the stock in a report on Thursday, April 26th. Finally, B. Riley boosted their price target on Marine Products from $14.00 to $14.50 and gave the stock a “neutral” rating in a report on Monday, April 23rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $15.75.
Marine Products Company Profile
Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, deckboat, cruiser, jet boat, and sport fishing markets worldwide. It provides Chaparral sterndrive pleasure boats, including SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex Jet Boats, and Robalo outboard sport fishing boats, as well as H2O Sport, and Fish and Ski boats.
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