Marine Products (MPX) Rating Increased to Strong-Buy at Zacks Investment Research

Marine Products (NYSE:MPX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The firm presently has a $27.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 16.98% from the company’s previous close.

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 upgraded Marine Products from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th.

Shares of MPX stock opened at $23.08 on Thursday. The stock has a market cap of $800.48 million, a P/E ratio of 39.45 and a beta of 0.30. Marine Products has a 1-year low of $12.00 and a 1-year high of $24.82.

Marine Products (NYSE:MPX) last issued its earnings results on Wednesday, July 25th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.05. The company had revenue of $87.01 million during the quarter, compared to analysts’ expectations of $75.81 million. Marine Products had a return on equity of 36.05% and a net margin of 8.47%. As a group, equities analysts predict that Marine Products will post 0.83 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. lifted its holdings in Marine Products by 508.3% in the 2nd quarter. Macquarie Group Ltd. now owns 7,300 shares of the company’s stock worth $130,000 after buying an additional 6,100 shares during the period. Acadian Asset Management LLC purchased a new stake in Marine Products in the 2nd quarter worth approximately $203,000. Schwab Charles Investment Management Inc. lifted its holdings in Marine Products by 42.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 42,020 shares of the company’s stock worth $589,000 after buying an additional 12,604 shares during the period. Renaissance Technologies LLC lifted its holdings in Marine Products by 8.6% in the 2nd quarter. Renaissance Technologies LLC now owns 234,933 shares of the company’s stock worth $4,177,000 after buying an additional 18,633 shares during the period. Finally, BlackRock Inc. lifted its holdings in Marine Products by 10.1% in the 2nd quarter. BlackRock Inc. now owns 546,999 shares of the company’s stock worth $9,726,000 after buying an additional 50,257 shares during the period. Institutional investors and hedge funds own 14.41% of the company’s stock.

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. 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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