Marine Products (NYSE:MPX) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Marine Products (NYSE:MPX) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $16.00 price target 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 upgraded shares of Marine Products from a sell rating to a hold rating in a report on Thursday, August 1st.

MPX opened at $14.14 on Tuesday. The firm’s fifty day moving average is $14.75 and its two-hundred day moving average is $14.73. The firm has a market cap of $463.02 million, a PE ratio of 17.04 and a beta of 0.56. Marine Products has a twelve month low of $12.48 and a twelve month high of $24.67.

Marine Products (NYSE:MPX) last posted its earnings results on Wednesday, July 24th. The company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.06. The company had revenue of $88.70 million for the quarter, compared to analyst estimates of $81.16 million. Marine Products had a net margin of 9.39% and a return on equity of 37.19%. Research analysts forecast that Marine Products will post 0.89 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Denali Advisors LLC raised its holdings in Marine Products by 72.9% in the third quarter. Denali Advisors LLC now owns 32,602 shares of the company’s stock worth $462,000 after purchasing an additional 13,741 shares during the period. Amundi Pioneer Asset Management Inc. increased its position in shares of Marine Products by 58.2% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 103,847 shares of the company’s stock worth $11,863,000 after acquiring an additional 38,210 shares in the last quarter. BlackRock Inc. increased its position in shares of Marine Products by 2.5% during the second quarter. BlackRock Inc. now owns 540,879 shares of the company’s stock worth $8,351,000 after acquiring an additional 13,333 shares in the last quarter. Northern Trust Corp increased its position in shares of Marine Products by 0.8% during the second quarter. Northern Trust Corp now owns 120,209 shares of the company’s stock worth $1,856,000 after acquiring an additional 987 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Marine Products by 2.5% during the second quarter. Bank of New York Mellon Corp now owns 185,540 shares of the company’s stock worth $2,865,000 after acquiring an additional 4,488 shares in the last quarter. Institutional investors own 14.75% of the company’s stock.

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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