Marine Products Corporation (NYSE:MPX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. “

A number of other equities research analysts also recently issued reports on MPX. BidaskClub downgraded shares of Marine Products Corporation from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Ifs Securities reaffirmed a “market perform” rating on shares of Marine Products Corporation in a research note on Thursday, September 7th. ValuEngine raised shares of Marine Products Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, B. Riley reaffirmed a “neutral” rating and set a $12.00 target price on shares of Marine Products Corporation in a report on Monday, August 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $15.00.

Marine Products Corporation (MPX) opened at 16.09 on Wednesday. The company has a market capitalization of $561.25 million, a PE ratio of 30.07 and a beta of 0.32. Marine Products Corporation has a 52 week low of $8.76 and a 52 week high of $17.12. The company has a 50-day moving average of $15.36 and a 200-day moving average of $13.83.

Marine Products Corporation (NYSE:MPX) last posted its earnings results on Wednesday, July 26th. The company reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.03. The business had revenue of $71.48 million during the quarter, compared to analyst estimates of $73.33 million. Marine Products Corporation had a return on equity of 25.69% and a net margin of 7.60%. On average, equities research analysts anticipate that Marine Products Corporation will post $0.64 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: This news story was originally reported by American Banking News and is the property of of American Banking News. If you are reading this news story on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark legislation. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/10/04/marine-products-corporation-mpx-stock-rating-lowered-by-zacks-investment-research.html.

In other Marine Products Corporation news, Director Pam R. Rollins bought 6,070 shares of Marine Products Corporation stock in a transaction that occurred on Thursday, August 24th. The stock was acquired at an average cost of $14.90 per share, for a total transaction of $90,443.00. Following the completion of the transaction, the director now directly owns 1,104 shares in the company, valued at $16,449.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pam R. Rollins bought 3,930 shares of Marine Products Corporation stock in a transaction that occurred on Friday, August 25th. The shares were acquired at an average price of $15.14 per share, with a total value of $59,500.20. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $151,400. The disclosure for this purchase can be found here. Company insiders own 77.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in MPX. Susquehanna International Group LLP raised its holdings in shares of Marine Products Corporation by 37.0% in the 2nd quarter. Susquehanna International Group LLP now owns 16,306 shares of the company’s stock valued at $255,000 after acquiring an additional 4,406 shares in the last quarter. Americafirst Capital Management LLC bought a new stake in shares of Marine Products Corporation during the 2nd quarter valued at about $603,000. State Street Corp boosted its position in shares of Marine Products Corporation by 12.5% during the 2nd quarter. State Street Corp now owns 149,584 shares of the company’s stock valued at $2,335,000 after acquiring an additional 16,583 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of Marine Products Corporation during the 2nd quarter valued at about $187,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Marine Products Corporation during the 2nd quarter valued at about $237,000. Institutional investors and hedge funds own 15.26% of the company’s stock.

About Marine Products Corporation

Marine Products Corporation manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. The Company designs, manufactures and sells recreational fiberglass powerboats in the sportboat, deckboat, cruiser, jet boat and sport fishing markets. The Company’s product offerings include Chaparral sterndrive, outboard and jet pleasure boats, and Robalo outboard sport fishing boats.

Get a free copy of the Zacks research report on Marine Products Corporation (MPX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Marine Products Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marine Products Corporation and related companies with MarketBeat.com's FREE daily email newsletter.