Marine Products' (MPX) "Hold (C-)" Rating Reaffirmed at Weiss Ratings

Key Points

• Weiss Ratings has reiterated a "hold (C-)" rating for Marine Products (MPX), indicating a cautious outlook on the stock's performance.
• Marine Products reported a quarterly earnings per share of $0.12, meeting the consensus estimate, with revenues slightly below analysts' expectations at $67.70 million.
• Recent institutional activity saw notable increases in stakes from several hedge funds, with Rhumbline Advisers raising its position by 66.6% in the first quarter.

Marine Products (NYSE:MPX - Get Free Report)'s stock had its "hold (c-)" rating reiterated by Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Marine Products Trading Down 0.5%

Shares of MPX opened at $8.53 on Wednesday. The firm has a market capitalization of $298.34 million, a P/E ratio of 21.31 and a beta of 0.95. The stock's fifty day simple moving average is $8.88 and its 200 day simple moving average is $8.61. Marine Products has a twelve month low of $7.49 and a twelve month high of $10.32.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its position in Marine Products by 66.6% in the first quarter. Rhumbline Advisers now owns 21,525 shares of the company's stock valued at $181,000 after purchasing an additional 8,602 shares during the period. Bank of America Corp DE increased its position in shares of Marine Products by 19.4% during the fourth quarter. Bank of America Corp DE now owns 14,277 shares of the company's stock worth $131,000 after acquiring an additional 2,321 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Marine Products by 21.4% during the first quarter. Russell Investments Group Ltd. now owns 204,792 shares of the company's stock worth $1,718,000 after acquiring an additional 36,160 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Marine Products during the first quarter worth about $233,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Marine Products by 8.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 25,788 shares of the company's stock worth $216,000 after acquiring an additional 1,959 shares during the last quarter. 13.86% of the stock is owned by hedge funds and other institutional investors.

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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