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

Marine Products (NYSE:MPX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Marine Products Stock Performance

Shares of NYSE MPX traded up $0.18 during trading on Tuesday, reaching $9.17. The stock had a trading volume of 17,284 shares, compared to its average volume of 47,211. The business’s 50-day moving average price is $9.62 and its 200-day moving average price is $9.65. Marine Products has a fifty-two week low of $8.86 and a fifty-two week high of $12.47. The company has a market cap of $318.32 million, a P/E ratio of 17.30 and a beta of 1.22.

Marine Products (NYSE:MPX) last released its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $49.85 million during the quarter. Marine Products had a return on equity of 13.55% and a net margin of 7.32%. During the same period in the prior year, the firm earned $0.30 earnings per share. Analysts forecast that Marine Products will post 0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MPX. FMR LLC raised its position in Marine Products by 198.2% in the 3rd quarter. FMR LLC now owns 8,353 shares of the company’s stock valued at $81,000 after purchasing an additional 5,552 shares in the last quarter. Barclays PLC raised its holdings in Marine Products by 173.0% in the third quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after acquiring an additional 7,636 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Marine Products by 661.6% in the third quarter. BNP Paribas Financial Markets now owns 20,526 shares of the company’s stock worth $199,000 after acquiring an additional 17,831 shares during the last quarter. Geode Capital Management LLC grew its holdings in Marine Products by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock worth $2,333,000 after acquiring an additional 8,527 shares in the last quarter. Finally, De Lisle Partners LLP grew its holdings in Marine Products by 44.8% during the 3rd quarter. De Lisle Partners LLP now owns 297,992 shares of the company’s stock worth $2,901,000 after acquiring an additional 92,181 shares in the last quarter. 13.86% of the stock is owned by institutional investors and hedge funds.

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.