BlackRock Inc. Acquires 50,257 Shares of Marine Products Corp. (MPX)

BlackRock Inc. boosted its holdings in Marine Products Corp. (NYSE:MPX) by 10.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 546,999 shares of the company’s stock after purchasing an additional 50,257 shares during the period. BlackRock Inc. owned approximately 1.58% of Marine Products worth $9,726,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Acadian Asset Management LLC bought a new position in Marine Products during the 2nd quarter worth $203,000. Dimensional Fund Advisors LP boosted its position in Marine Products by 3.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 618,119 shares of the company’s stock worth $8,660,000 after acquiring an additional 20,430 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in Marine Products by 42.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 42,020 shares of the company’s stock worth $589,000 after acquiring an additional 12,604 shares during the period. 14.41% of the stock is owned by institutional investors and hedge funds.

Shares of MPX stock opened at $21.36 on Friday. Marine Products Corp. has a 1 year low of $12.00 and a 1 year high of $24.82. The firm has a market cap of $736.90 million, a price-to-earnings ratio of 35.60 and a beta of 0.47.

Marine Products (NYSE:MPX) last announced its quarterly earnings results on Wednesday, October 24th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. Marine Products had a return on equity of 38.58% and a net margin of 8.97%. The company had revenue of $72.01 million during the quarter, compared to analyst estimates of $67.66 million. Sell-side analysts expect that Marine Products Corp. will post 0.88 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, November 8th. This represents a $0.40 dividend on an annualized basis and a yield of 1.87%. Marine Products’s dividend payout ratio (DPR) is presently 66.67%.

MPX has been the subject of a number of analyst reports. Zacks Investment Research lowered Marine Products from a “buy” rating to a “hold” rating in a research report on Thursday, September 27th. B. Riley boosted their price target on Marine Products from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Thursday, October 25th.

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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Institutional Ownership by Quarter for Marine Products (NYSE:MPX)

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