Zacks: Analysts Set $13.00 Price Target for Marine Products Corp. (MPX)
Shares of Marine Products Corp. (NYSE:MPX) have received an average broker rating score of 3.00 (Hold) from the two analysts that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation.
Analysts have set a twelve-month consensus price target of $13.00 for the company and are forecasting that the company will post $0.14 earnings per share for the current quarter, according to Zacks. Zacks has also given Marine Products an industry rank of 32 out of 265 based on the ratings given to related companies.
MPX has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Marine Products from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Tuesday, September 26th. B. Riley reaffirmed a “hold” rating and issued a $13.00 target price (up from $12.00) on shares of Marine Products in a report on Thursday, October 26th. Finally, Ifs Securities reaffirmed a “market perform” rating on shares of Marine Products in a report on Thursday, September 7th.
Marine Products (NYSE:MPX) last released its quarterly earnings data on Wednesday, October 25th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Marine Products had a return on equity of 28.42% and a net margin of 7.59%. The company had revenue of $59.20 million for the quarter, compared to analyst estimates of $67.86 million. research analysts anticipate that Marine Products will post 0.63 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 10th were issued a $0.07 dividend. The ex-dividend date was Thursday, November 9th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.14%. Marine Products’s payout ratio is 50.00%.
Several institutional investors have recently made changes to their positions in MPX. Schwab Charles Investment Management Inc. increased its holdings in shares of Marine Products by 7.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 40,954 shares of the company’s stock valued at $446,000 after acquiring an additional 2,736 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Marine Products by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 192,251 shares of the company’s stock valued at $3,001,000 after acquiring an additional 5,616 shares during the period. Chicago Equity Partners LLC acquired a new position in shares of Marine Products in the 2nd quarter valued at $340,000. Wells Fargo & Company MN increased its holdings in shares of Marine Products by 0.4% in the 2nd quarter. Wells Fargo & Company MN now owns 7,594 shares of the company’s stock valued at $118,000 after acquiring an additional 27 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Marine Products by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 393,381 shares of the company’s stock valued at $6,141,000 after acquiring an additional 6,385 shares during the period. 15.02% of the stock is currently owned by institutional investors and hedge funds.
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About Marine Products
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.
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