Zacks Investment Research Lowers Marine Products (NYSE:MPX) to Hold

Zacks Investment Research downgraded shares of Marine Products (NYSE:MPX) from a buy rating to a hold rating in a report issued on Friday, Zacks.com reports.

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. “

Several other analysts also recently commented on the company. ValuEngine raised Vale from a sell rating to a hold rating in a research note on Tuesday, July 16th. B. Riley set a $15.00 target price on Marine Products and gave the company a hold rating in a research report on Wednesday, April 17th. Finally, Ifs Securities reaffirmed an outperform rating on shares of Marine Products in a research report on Thursday, April 25th.

NYSE:MPX opened at $13.49 on Friday. Marine Products has a 12-month low of $12.48 and a 12-month high of $24.82. The company has a market cap of $460.35 million, a price-to-earnings ratio of 16.25 and a beta of 0.52. The business has a fifty day moving average of $15.31.

Marine Products (NYSE:MPX) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.05. The business had revenue of $83.05 million for 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%. Equities analysts predict that Marine Products will post 0.81 EPS for the current year.

Several large investors have recently added to or reduced their stakes in MPX. Denali Advisors LLC boosted its position in shares of Marine Products by 54.8% during the second quarter. Denali Advisors LLC now owns 18,861 shares of the company’s stock worth $291,000 after acquiring an additional 6,680 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in Marine Products during the first quarter valued at $884,000. Stanley Laman Group Ltd. bought a new position in Marine Products during the first quarter valued at $236,000. Wedge Capital Management L L P NC raised its stake in shares of Marine Products by 49.7% in the first quarter. Wedge Capital Management L L P NC now owns 31,689 shares of the company’s stock valued at $427,000 after acquiring an additional 10,523 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Marine Products by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 657,635 shares of the company’s stock valued at $11,121,000 after acquiring an additional 21,011 shares during the period. 14.67% of the stock is currently owned by institutional investors and hedge funds.

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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