Marine Products (NYSE:MPX) Share Price Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Marine Products Corporation's stock has recently crossed above its 200-day moving average, reaching a high of $9.24, while last trading at $9.16.
• The company reported earnings of $0.12 per share, meeting analyst expectations, with revenue for the quarter slightly below estimates at $67.70 million.
• Marine Products has declared a quarterly dividend of $0.14 per share, offering a yield of 6.1%, despite a high dividend payout ratio of 140%.

Marine Products Corporation (NYSE:MPX - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.52 and traded as high as $9.24. Marine Products shares last traded at $9.16, with a volume of 26,388 shares.

Marine Products Trading Up 0.1%

The firm has a market capitalization of $317.63 million, a P/E ratio of 22.69 and a beta of 0.90. The business has a 50 day moving average of $8.81 and a 200-day moving average of $8.53.

Marine Products (NYSE:MPX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.12 earnings per share for the quarter, meeting the consensus estimate of $0.12. Marine Products had a net margin of 6.26% and a return on equity of 10.98%. The company had revenue of $67.70 million during the quarter, compared to analysts' expectations of $67.80 million. On average, analysts anticipate that Marine Products Corporation will post 0.4 EPS for the current fiscal year.

Marine Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 11th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date is Monday, August 11th. Marine Products's dividend payout ratio is 140.00%.

Institutional Trading of Marine Products

A number of institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN grew its holdings in shares of 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 buying an additional 3,631 shares in the last quarter. Barclays PLC lifted its stake in Marine Products by 12.2% in the 4th quarter. Barclays PLC now owns 13,524 shares of the company's stock valued at $124,000 after acquiring an additional 1,474 shares in the last quarter. Bank of America Corp DE boosted its position in Marine Products by 19.4% during the 4th 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. Lazard Asset Management LLC grew its stake in shares of Marine Products by 34.1% during the 4th quarter. Lazard Asset Management LLC now owns 16,226 shares of the company's stock worth $148,000 after acquiring an additional 4,122 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Marine Products by 66.6% during the 1st quarter. Rhumbline Advisers now owns 21,525 shares of the company's stock worth $181,000 after acquiring an additional 8,602 shares in the last quarter. 13.86% of the stock is currently owned by 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.