Marine Products (NYSE:MPX) Cut to Sell at ValuEngine

ValuEngine lowered shares of Marine Products (NYSE:MPX) from a hold rating to a sell rating in a report issued on Tuesday morning, ValuEngine reports.

Other equities analysts also recently issued reports about the company. B. Riley set a $15.00 price target on Marine Products and gave the stock a hold rating in a research note on Wednesday, April 17th. Zacks Investment Research downgraded Hancock Jaffe Laboratories from a buy rating to a hold rating in a research note on Wednesday, June 26th. Finally, Ifs Securities reissued an outperform rating on shares of Marine Products in a report on Thursday, April 25th.

NYSE:MPX opened at $13.54 on Tuesday. The firm has a market capitalization of $473.32 million, a P/E ratio of 16.31 and a beta of 0.52. Marine Products has a one year low of $12.48 and a one year high of $24.82. The stock has a 50-day moving average price of $15.32.

Marine Products (NYSE:MPX) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.05. The business had revenue of $83.05 million during the quarter, compared to the consensus estimate of $73.18 million. Marine Products had a return on equity of 36.92% and a net margin of 9.32%. Analysts predict that Marine Products will post 0.81 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of MPX. Rhumbline Advisers bought a new position in Marine Products in the fourth quarter worth about $193,000. BlackRock Inc. lifted its holdings in Marine Products by 4.7% in the fourth quarter. BlackRock Inc. now owns 573,276 shares of the company’s stock worth $9,695,000 after acquiring an additional 25,861 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Marine Products by 3.0% in the fourth quarter. Bank of New York Mellon Corp now owns 174,962 shares of the company’s stock worth $2,959,000 after acquiring an additional 5,111 shares during the last quarter. Raymond James & Associates bought a new position in Marine Products in the fourth quarter worth about $325,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Marine Products by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 657,635 shares of the company’s stock worth $11,121,000 after acquiring an additional 21,011 shares during the last quarter. 14.67% of the stock is currently owned by hedge funds and other institutional investors.

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. 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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