B. Riley Cuts Marine Products (NYSE:MPX) Price Target to $8.00

Marine Products (NYSE:MPX) had its target price reduced by B. Riley from $14.00 to $8.00 in a research report report published on Monday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the stock. B. Riley also issued estimates for Marine Products’ Q2 2020 earnings at $0.18 EPS, Q3 2020 earnings at $0.14 EPS, Q4 2020 earnings at $0.07 EPS, FY2020 earnings at $0.61 EPS, Q1 2021 earnings at $0.17 EPS, Q2 2021 earnings at $0.17 EPS, Q3 2021 earnings at $0.12 EPS, Q4 2021 earnings at $0.06 EPS and FY2021 earnings at $0.51 EPS.

A number of other equities research analysts also recently commented on MPX. ValuEngine raised Marine Products from a sell rating to a hold rating in a report on Friday, February 21st. Zacks Investment Research raised Marine Products from a sell rating to a hold rating in a report on Tuesday, March 17th.

Shares of Marine Products stock traded up $1.02 on Monday, reaching $9.51. 34,992 shares of the stock were exchanged, compared to its average volume of 21,935. Marine Products has a twelve month low of $6.77 and a twelve month high of $18.43. The firm has a market capitalization of $290.49 million, a price-to-earnings ratio of 11.60 and a beta of 0.60. The business has a 50 day moving average price of $12.12 and a two-hundred day moving average price of $13.91.

Marine Products (NYSE:MPX) last released its earnings results on Wednesday, January 29th. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.02). Marine Products had a return on equity of 36.13% and a net margin of 9.67%. The firm had revenue of $48.18 million for the quarter, compared to analyst estimates of $60.08 million. On average, research analysts predict that Marine Products will post 0.87 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Monday, February 10th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date was Friday, February 7th. Marine Products’s payout ratio is presently 57.83%.

Large investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new position in Marine Products in the fourth quarter valued at approximately $30,000. Citigroup Inc. lifted its holdings in Marine Products by 74.3% in the fourth quarter. Citigroup Inc. now owns 2,053 shares of the company’s stock valued at $30,000 after acquiring an additional 875 shares during the period. First Quadrant L P CA acquired a new position in Marine Products in the fourth quarter valued at approximately $35,000. Barclays PLC lifted its holdings in Marine Products by 99.6% in the fourth quarter. Barclays PLC now owns 7,408 shares of the company’s stock valued at $106,000 after acquiring an additional 3,697 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new position in Marine Products in the fourth quarter valued at approximately $154,000. 13.93% of the stock is owned by institutional investors.

About Marine Products

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, deckboat, cruiser, jet boat, and sport fishing markets worldwide. The company provides Chaparral sterndrive pleasure boats, including SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex jet boats and the Surf Series, and Robalo outboard sport fishing boats, as well as H2O Sport, and Fish and Ski boats.

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