Strs Ohio cut its stake in Marine Products Corp. (NYSE:MPX) by 69.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,200 shares of the company’s stock after selling 5,000 shares during the period. Strs Ohio’s holdings in Marine Products were worth $29,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of MPX. BlackRock Inc. boosted its holdings in Marine Products by 4.7% in the 4th quarter. BlackRock Inc. now owns 573,276 shares of the company’s stock valued at $9,695,000 after purchasing an additional 25,861 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Marine Products by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 657,635 shares of the company’s stock valued at $11,121,000 after purchasing an additional 21,011 shares during the period. Raymond James & Associates bought a new stake in Marine Products in the 4th quarter valued at $325,000. Denali Advisors LLC boosted its holdings in Marine Products by 4,129.5% in the 1st quarter. Denali Advisors LLC now owns 12,181 shares of the company’s stock valued at $164,000 after purchasing an additional 11,893 shares during the period. Finally, Rhumbline Advisers bought a new stake in Marine Products in the 4th quarter valued at $193,000. 14.61% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on MPX. Zacks Investment Research raised shares of Marine Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th. Ifs Securities reissued an “outperform” rating on shares of Marine Products in a report on Thursday, April 25th. B. Riley set a $15.00 price target on shares of Marine Products and gave the company a “hold” rating in a report on Wednesday, April 17th. Finally, ValuEngine raised shares of Marine Products from a “sell” rating to a “hold” rating in a report on Monday, April 1st.
Marine Products (NYSE:MPX) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. Marine Products had a net margin of 9.32% and a return on equity of 36.92%. The company had revenue of $83.05 million during the quarter, compared to analysts’ expectations of $73.18 million. Sell-side analysts forecast that Marine Products Corp. will post 0.81 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Thursday, May 9th. Marine Products’s dividend payout ratio is 57.83%.
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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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