Marine Products (NYSE:MPX) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. The brokerage currently has $16.00 target price on the stock.

According to Zacks, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. “

Separately, ValuEngine raised shares of Marine Products from a sell rating to a hold rating in a research note on Thursday, August 1st.

Shares of Marine Products stock opened at $14.14 on Tuesday. The stock has a market capitalization of $463.02 million, a price-to-earnings ratio of 17.04 and a beta of 0.56. Marine Products has a 1-year low of $12.48 and a 1-year high of $24.67. The firm’s 50-day moving average price is $14.75 and its two-hundred day moving average price is $14.73.

Marine Products (NYSE:MPX) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.06. The firm had revenue of $88.70 million for the quarter, compared to analysts’ expectations of $81.16 million. Marine Products had a net margin of 9.39% and a return on equity of 37.19%. As a group, equities analysts expect that Marine Products will post 0.89 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its stake in Marine Products by 16.1% during the second quarter. Russell Investments Group Ltd. now owns 10,800 shares of the company’s stock worth $167,000 after buying an additional 1,500 shares during the last quarter. Denali Advisors LLC grew its stake in Marine Products by 54.8% during the second quarter. Denali Advisors LLC now owns 18,861 shares of the company’s stock worth $291,000 after buying an additional 6,680 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Marine Products by 11.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 45,767 shares of the company’s stock worth $707,000 after buying an additional 4,810 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Marine Products during the first quarter worth about $884,000. Finally, Northern Trust Corp grew its stake in Marine Products by 0.8% during the second quarter. Northern Trust Corp now owns 120,209 shares of the company’s stock worth $1,856,000 after buying an additional 987 shares during the last quarter. 14.75% of the stock is currently owned by hedge funds and other institutional investors.

About Marine Products

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, deckboat, cruiser, jet boat, and sport fishing markets worldwide. The company provides Chaparral sterndrive pleasure boats, including SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex jet boats and the Surf Series, and Robalo outboard sport fishing boats, as well as H2O Sport, and Fish and Ski boats.

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