Marine Products (NYSE:MPX) Releases Quarterly Earnings Results

Key Points

• Marine Products reported quarterly earnings of $0.05 per share on $66.53 million in revenue, down slightly from $0.06 EPS in the same quarter last year.
• The stock rose 3.8% to $8.78 after the earnings release, with trading volume running above average.
• The company declared a quarterly dividend of $0.14 per share, implying a 6.4% annualized yield; however, analysts currently have a Sell consensus rating on the stock.

Marine Products (NYSE:MPX - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.05 earnings per share for the quarter, Zacks reports. Marine Products had a return on equity of 9.54% and a net margin of 2.82%.The company had revenue of $66.53 million for the quarter. During the same period in the previous year, the business posted $0.06 EPS.

Marine Products Trading Up 3.8%

MPX stock traded up $0.32 during trading on Friday, hitting $8.78. The company had a trading volume of 40,534 shares, compared to its average volume of 30,675. The company has a fifty day moving average price of $7.51 and a two-hundred day moving average price of $8.33. The company has a market cap of $309.47 million, a P/E ratio of 43.91 and a beta of 1.11. Marine Products has a fifty-two week low of $6.83 and a fifty-two week high of $10.08.

Marine Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Friday, May 8th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $0.56 annualized dividend and a yield of 6.4%. Marine Products's payout ratio is currently 280.00%.

Institutional Trading of Marine Products

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in Marine Products by 1.6% in the 4th quarter. State Street Corp now owns 183,271 shares of the company's stock valued at $1,605,000 after buying an additional 2,871 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Marine Products by 65.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 44,128 shares of the company's stock valued at $387,000 after buying an additional 17,451 shares in the last quarter. Geode Capital Management LLC boosted its stake in Marine Products by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 249,784 shares of the company's stock valued at $2,188,000 after buying an additional 2,071 shares in the last quarter. Citadel Advisors LLC acquired a new stake in Marine Products in the 3rd quarter valued at $268,000. Finally, Russell Investments Group Ltd. boosted its stake in Marine Products by 19.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 261,397 shares of the company's stock valued at $2,319,000 after buying an additional 43,304 shares in the last quarter. Institutional investors and hedge funds own 13.86% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (d+)" rating on shares of Marine Products in a report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Marine Products presently has a consensus rating of "Sell".

About Marine Products

Marine Products Corporation, headquartered in Sparta, Michigan, designs and manufactures inflatable and rigid-hulled inflatable boats (RIBs) for recreational, commercial and governmental customers. Established in 1954, the company leverages decades of engineering expertise to deliver vessels for applications such as law enforcement, search and rescue, military operations, offshore support and luxury yacht tenders.

The firm's product lineup includes a variety of RIBs and inflatables constructed from advanced composite hulls and high-performance fabrics.

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