Bank of New York Mellon Corp decreased its holdings in Marine Products Corp. (NYSE:MPX) by 14.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 164,649 shares of the company’s stock after selling 27,602 shares during the quarter. Bank of New York Mellon Corp’s holdings in Marine Products were worth $2,643,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN grew its position in Marine Products by 0.4% in the second quarter. Wells Fargo & Company MN now owns 7,594 shares of the company’s stock worth $118,000 after buying an additional 27 shares during the last quarter. Goldman Sachs Group Inc. acquired a new position in Marine Products in the second quarter worth approximately $187,000. Hillsdale Investment Management Inc. acquired a new position in Marine Products in the second quarter worth approximately $237,000. Susquehanna International Group LLP grew its position in Marine Products by 37.0% in the second quarter. Susquehanna International Group LLP now owns 16,306 shares of the company’s stock worth $255,000 after buying an additional 4,406 shares during the last quarter. Finally, Chicago Equity Partners LLC acquired a new position in Marine Products in the second quarter worth approximately $340,000. Hedge funds and other institutional investors own 15.02% of the company’s stock.
Marine Products Corp. (MPX) opened at $13.60 on Friday. The stock has a market cap of $457.31, a P/E ratio of 24.29 and a beta of 0.31. Marine Products Corp. has a 12-month low of $9.88 and a 12-month high of $17.12.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Friday, November 10th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date was Thursday, November 9th. Marine Products’s dividend payout ratio is 50.00%.
Several research analysts have issued reports on MPX shares. Zacks Investment Research upgraded shares of Marine Products from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Tuesday, September 26th. B. Riley restated a “hold” rating and issued a $13.00 price target (up previously from $12.00) on shares of Marine Products in a research report on Thursday, October 26th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Marine Products presently has an average rating of “Hold” and an average price target of $15.50.
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Marine Products Profile
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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