Marine Products Corporation (NYSE:MPX) to Issue $0.14 Quarterly Dividend

Marine Products Corporation (NYSE:MPX - Get Free Report) declared a quarterly dividend on Thursday, July 24th, RTT News reports. Investors of record on Monday, August 11th will be paid a dividend of 0.14 per share on Wednesday, September 10th. This represents a $0.56 dividend on an annualized basis and a yield of 6.08%.

Marine Products has a payout ratio of 112.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Marine Products to earn $0.50 per share next year, which means the company may not be able to cover its $0.56 annual dividend with an expected future payout ratio of 112.0%.

Marine Products Trading Up 3.4%

Shares of MPX traded up $0.31 during midday trading on Thursday, reaching $9.21. 14,186 shares of the company were exchanged, compared to its average volume of 28,026. The stock has a 50-day moving average price of $8.52 and a 200-day moving average price of $8.59. The company has a market cap of $321.81 million, a price-to-earnings ratio of 21.92 and a beta of 0.90. Marine Products has a 1-year low of $7.49 and a 1-year high of $10.89.

Marine Products (NYSE:MPX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.12 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.12. Marine Products had a return on equity of 12.05% and a net margin of 6.84%. The business had revenue of $67.70 million for the quarter, compared to analyst estimates of $67.80 million. Equities research analysts anticipate that Marine Products will post 0.4 earnings per share for the current year.

Institutional Trading of Marine Products

A hedge fund recently raised its stake in Marine Products stock. Rhumbline Advisers grew its stake in shares of Marine Products Corporation (NYSE:MPX - Free Report) by 66.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,525 shares of the company's stock after purchasing an additional 8,602 shares during the quarter. Rhumbline Advisers owned approximately 0.06% of Marine Products worth $181,000 as of its most recent SEC filing. Institutional investors and hedge funds own 13.86% of the company's stock.

About Marine Products

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.

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