Wall Street brokerages expect that Marine Products Corp. (NYSE:MPX) will announce $72.82 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Marine Products’ earnings, with the highest sales estimate coming in at $73.62 million and the lowest estimate coming in at $72.01 million. Marine Products posted sales of $72.01 million in the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The company is expected to report its next earnings report on Wednesday, October 23rd.
According to Zacks, analysts expect that Marine Products will report full-year sales of $312.98 million for the current year, with estimates ranging from $308.93 million to $317.03 million. For the next year, analysts forecast that the company will post sales of $332.71 million, with estimates ranging from $324.37 million to $341.04 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Marine Products.
Marine Products (NYSE:MPX) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.06. Marine Products had a return on equity of 37.19% and a net margin of 9.39%. The firm had revenue of $88.70 million during the quarter, compared to analyst estimates of $81.16 million.
A number of equities research analysts have recently weighed in on MPX shares. B. Riley set a $15.00 target price on Marine Products and gave the company a “hold” rating in a research note on Wednesday, April 17th. ValuEngine raised Marine Products from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research raised Marine Products from a “hold” rating to a “strong-buy” rating and set a $16.00 target price for the company in a research note on Saturday, July 27th. Finally, Ifs Securities reissued an “outperform” rating on shares of Marine Products in a research note on Thursday, April 25th.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MPX. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Marine Products in the 1st quarter valued at about $884,000. BlackRock Inc. lifted its stake in shares of Marine Products by 4.7% in the 4th quarter. BlackRock Inc. now owns 573,276 shares of the company’s stock valued at $9,695,000 after acquiring an additional 25,861 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Marine Products by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 657,635 shares of the company’s stock valued at $11,121,000 after acquiring an additional 21,011 shares during the last quarter. Raymond James & Associates bought a new stake in shares of Marine Products in the 4th quarter valued at about $325,000. Finally, Stanley Laman Group Ltd. bought a new stake in shares of Marine Products in the 1st quarter valued at about $236,000. 14.50% of the stock is owned by institutional investors.
MPX stock traded down $0.01 during mid-day trading on Friday, hitting $14.37. 16,400 shares of the stock were exchanged, compared to its average volume of 35,263. The firm’s fifty day simple moving average is $14.91. Marine Products has a 12 month low of $12.48 and a 12 month high of $24.82. The company has a market cap of $497.41 million, a PE ratio of 17.65 and a beta of 0.52.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Thursday, August 8th. Marine Products’s dividend payout ratio (DPR) is presently 57.83%.
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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