Marine Products (NYSE:MPX) Upgraded to “Buy” at StockNews.com

Marine Products (NYSE:MPX) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Marine Products Stock Performance

MPX traded up $0.05 on Thursday, hitting $9.68. 29,038 shares of the company were exchanged, compared to its average volume of 47,826. Marine Products has a 12 month low of $8.86 and a 12 month high of $12.47. The firm has a fifty day simple moving average of $9.72 and a two-hundred day simple moving average of $9.75. The stock has a market capitalization of $336.02 million, a PE ratio of 18.26 and a beta of 1.22.

Marine Products (NYSE:MPX) last issued its earnings results on Thursday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. Marine Products had a net margin of 7.32% and a return on equity of 13.55%. The firm had revenue of $49.85 million for the quarter. During the same quarter in the prior year, the business posted $0.30 EPS. On average, equities analysts expect that Marine Products will post 0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its position in Marine Products by 21,775.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,625 shares of the company’s stock valued at $27,000 after purchasing an additional 2,613 shares during the period. FMR LLC grew its stake in Marine Products by 198.2% in the third quarter. FMR LLC now owns 8,353 shares of the company’s stock worth $81,000 after purchasing an additional 5,552 shares during the period. Barclays PLC boosted its holdings in shares of Marine Products by 173.0% during the 3rd quarter. Barclays PLC now owns 12,050 shares of the company’s stock valued at $116,000 after buying an additional 7,636 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Marine Products by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 240,735 shares of the company’s stock worth $2,333,000 after buying an additional 8,527 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Marine Products by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company’s stock worth $6,569,000 after acquiring an additional 9,680 shares in the last quarter. Hedge funds and other institutional investors own 13.86% of the company’s stock.

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.