Marine Products Corporation $MPX Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Marine Products Corporation by 21.4%, acquiring an additional 36,160 shares, bringing its total ownership to 204,792 shares valued at approximately $1.72 million.
• The company reported earnings of $0.12 per share for the most recent quarter, meeting analysts' expectations, with total revenue of $67.70 million.
• Marine Products has announced a quarterly dividend of $0.14, which equates to an annual yield of 6.3%, despite a high dividend payout ratio of 140.00%.

Russell Investments Group Ltd. lifted its holdings in Marine Products Corporation (NYSE:MPX - Free Report) by 21.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,792 shares of the company's stock after buying an additional 36,160 shares during the quarter. Russell Investments Group Ltd. owned 0.59% of Marine Products worth $1,718,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in Marine Products by 88.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,732 shares of the company's stock worth $71,000 after purchasing an additional 3,631 shares in the last quarter. Summit Financial Strategies Inc. purchased a new stake in Marine Products during the first quarter worth $92,000. Burney Co. purchased a new stake in Marine Products during the first quarter worth $108,000. Barclays PLC boosted its position in Marine Products by 12.2% during the fourth quarter. Barclays PLC now owns 13,524 shares of the company's stock worth $124,000 after purchasing an additional 1,474 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Marine Products by 231.2% in the fourth quarter. JPMorgan Chase & Co. now owns 14,269 shares of the company's stock valued at $131,000 after acquiring an additional 9,961 shares in the last quarter. 13.86% of the stock is currently owned by hedge funds and other institutional investors.

Marine Products Trading Down 2.1%

Shares of NYSE:MPX traded down $0.19 on Friday, hitting $8.76. The company had a trading volume of 9,265 shares, compared to its average volume of 20,179. Marine Products Corporation has a 52-week low of $7.49 and a 52-week high of $10.32. The business has a 50 day moving average of $8.74 and a 200 day moving average of $8.52. The company has a market cap of $306.43 million, a PE ratio of 21.89 and a beta of 0.93.

Marine Products (NYSE:MPX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.12 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.12. The business had revenue of $67.70 million for the quarter, compared to the consensus estimate of $67.80 million. Marine Products had a return on equity of 10.98% and a net margin of 6.26%. As a group, equities analysts predict that Marine Products Corporation will post 0.4 EPS for the current year.

Marine Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 11th will be paid a dividend of $0.14 per share. The ex-dividend date is Monday, August 11th. This represents a $0.56 annualized dividend and a yield of 6.4%. Marine Products's dividend payout ratio is currently 140.00%.

Marine Products Company Profile

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sport boat and sport fishing boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats and SSi outboard models; and Robalo outboard sport fishing boats.