Zacks Investment Research upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a strong-buy rating in a report issued on Thursday morning. The brokerage currently has $27.00 target price on the stock.
According to Zacks, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. “
Separately, ValuEngine raised Marine Products from a hold rating to a buy rating in a report on Tuesday, June 26th.
Marine Products (NYSE:MPX) last issued its quarterly earnings data on Wednesday, July 25th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. The business had revenue of $87.01 million for the quarter, compared to analysts’ expectations of $75.81 million. Marine Products had a return on equity of 36.05% and a net margin of 8.47%. As a group, research analysts forecast that Marine Products will post 0.83 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. increased its stake in Marine Products by 508.3% in the 2nd quarter. Macquarie Group Ltd. now owns 7,300 shares of the company’s stock worth $130,000 after acquiring an additional 6,100 shares during the last quarter. Acadian Asset Management LLC bought a new position in Marine Products in the 2nd quarter worth about $203,000. Schwab Charles Investment Management Inc. increased its stake in Marine Products by 42.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 42,020 shares of the company’s stock worth $589,000 after acquiring an additional 12,604 shares during the last quarter. Renaissance Technologies LLC increased its stake in Marine Products by 8.6% in the 2nd quarter. Renaissance Technologies LLC now owns 234,933 shares of the company’s stock worth $4,177,000 after acquiring an additional 18,633 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Marine Products by 3.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 618,119 shares of the company’s stock worth $8,660,000 after acquiring an additional 20,430 shares during the last quarter. 14.41% of the stock is currently owned by institutional investors and hedge funds.
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. It provides Chaparral sterndrive pleasure boats, including SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex Jet Boats, and Robalo outboard sport fishing boats, as well as H2O Sport, and Fish and Ski boats.
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