Marine Products (NYSE:MPX) Share Price Crosses Above 200 Day Moving Average - Here's Why

Marine Products Co. (NYSE:MPX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.90 and traded as high as $10.01. Marine Products shares last traded at $9.94, with a volume of 53,969 shares traded.

Wall Street Analysts Forecast Growth

Separately, DA Davidson decreased their price target on shares of Marine Products from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Monday, August 12th.

Marine Products Stock Performance

The company has a 50 day simple moving average of $9.57 and a two-hundred day simple moving average of $9.90. The firm has a market cap of $346.06 million, a PE ratio of 18.77 and a beta of 1.23.

Marine Products (NYSE:MPX - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. The business had revenue of $49.85 million during the quarter. Marine Products had a return on equity of 13.55% and a net margin of 7.32%. During the same period last year, the firm earned $0.30 EPS. As a group, research analysts predict that Marine Products Co. will post 0.4 earnings per share for the current fiscal year.

Marine Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, November 8th. This represents a $0.56 annualized dividend and a dividend yield of 5.62%. Marine Products's dividend payout ratio is presently 105.66%.

Hedge Funds Weigh In On Marine Products

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its holdings in shares of Marine Products by 10.2% during the first quarter. Janney Montgomery Scott LLC now owns 33,415 shares of the company's stock worth $393,000 after buying an additional 3,104 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Marine Products by 147.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 30,068 shares of the company's stock valued at $353,000 after acquiring an additional 17,924 shares during the period. Nisa Investment Advisors LLC lifted its holdings 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 worth $27,000 after purchasing an additional 2,613 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Marine Products by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 650,433 shares of the company's stock worth $6,569,000 after purchasing an additional 9,680 shares during the last quarter. Finally, Connors Investor Services Inc. increased its stake in Marine Products by 10.0% during the 1st quarter. Connors Investor Services Inc. now owns 11,000 shares of the company's stock worth $129,000 after acquiring an additional 1,000 shares during the period. 13.86% of the stock is owned by institutional investors.

Marine Products Company Profile

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.