Marine Products (NYSE:MPX) Issues Quarterly Earnings Results, Hits Expectations

Key Points

• Marine Products (NYSE:MPX) reported an earnings per share (EPS) of $0.12 for the quarter, in line with analysts' expectations, while revenue was slightly below estimates at $67.70 million.
• The company announced a quarterly dividend of $0.14 per share, resulting in an annualized dividend of $0.56 and a dividend yield of 6.27%.
• Institutional investor Rhumbline Advisers increased its stake in Marine Products by 66.6%, now owning 21,525 shares valued at approximately $181,000.

Marine Products (NYSE:MPX - Get Free Report) posted its earnings results on Thursday. The company reported $0.12 EPS for the quarter, meeting analysts' consensus estimates of $0.12, Zacks reports. Marine Products had a return on equity of 10.98% and a net margin of 6.26%. The firm had revenue of $67.70 million for the quarter, compared to analysts' expectations of $67.80 million.

Marine Products Price Performance

MPX traded down $0.04 during trading hours on Wednesday, reaching $8.88. The company's stock had a trading volume of 4,458 shares, compared to its average volume of 27,633. Marine Products has a fifty-two week low of $7.49 and a fifty-two week high of $10.89. The stock has a market cap of $310.23 million, a PE ratio of 22.25 and a beta of 0.90. The business's 50-day moving average is $8.54 and its 200-day moving average is $8.59.

Marine Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 6.31%. The ex-dividend date of this dividend is Monday, August 11th. Marine Products's dividend payout ratio is currently 140.00%.

Institutional Trading of Marine Products

A hedge fund recently bought a new stake in Marine Products stock. Strs Ohio acquired a new position in shares of Marine Products Corporation (NYSE:MPX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,200 shares of the company's stock, valued at approximately $77,000. 13.86% of the stock is owned by hedge funds and other institutional investors.

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.