Marine Products Co. (NYSE:MPX – Get Rating) was the target of a significant decline in short interest in May. As of May 15th, there was short interest totalling 162,600 shares, a decline of 20.6% from the April 30th total of 204,700 shares. Approximately 2.0% of the company’s stock are short sold. Based on an average trading volume of 19,700 shares, the short-interest ratio is currently 8.3 days.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Polar Asset Management Partners Inc. lifted its stake in shares of Marine Products by 2.7% in the first quarter. Polar Asset Management Partners Inc. now owns 783,105 shares of the company’s stock worth $9,045,000 after buying an additional 20,813 shares in the last quarter. Morgan Stanley lifted its position in Marine Products by 228.9% during the third quarter. Morgan Stanley now owns 690,924 shares of the company’s stock valued at $8,644,000 after purchasing an additional 480,843 shares during the period. BlackRock Inc. lifted its position in Marine Products by 0.3% during the first quarter. BlackRock Inc. now owns 626,784 shares of the company’s stock valued at $7,239,000 after purchasing an additional 2,132 shares during the period. Gabelli Funds LLC lifted its position in Marine Products by 0.7% during the third quarter. Gabelli Funds LLC now owns 236,500 shares of the company’s stock valued at $2,959,000 after purchasing an additional 1,598 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Marine Products by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 236,232 shares of the company’s stock valued at $2,729,000 after purchasing an additional 8,257 shares during the period. Hedge funds and other institutional investors own 13.83% of the company’s stock.
Separately, StockNews.com started coverage on shares of Marine Products in a research note on Sunday. They set a “hold” rating on the stock.
NYSE:MPX traded down $0.18 during mid-day trading on Tuesday, hitting $10.62. 15,326 shares of the company’s stock were exchanged, compared to its average volume of 18,316. Marine Products has a one year low of $10.11 and a one year high of $18.74. The business has a fifty day moving average price of $11.91 and a 200 day moving average price of $12.03. The company has a market cap of $362.59 million, a PE ratio of 13.01 and a beta of 1.07.
Marine Products (NYSE:MPX – Get Rating) last issued its earnings results on Wednesday, April 27th. The company reported $0.21 earnings per share (EPS) for the quarter. The firm had revenue of $76.61 million for the quarter. Marine Products had a net margin of 9.45% and a return on equity of 29.07%.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 10th. Stockholders of record on Tuesday, May 10th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 4.52%. Marine Products’s dividend payout ratio is presently 57.83%.
About Marine Products (Get Rating)
Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet 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 and SSX outboard models; and Robalo outboard sport fishing boats.
