Marine Products Corporation (MPX) to Issue Quarterly Dividend of $0.14 on May 14th

Marine Products Corporation (NYSE:MPX) declared a quarterly dividend on Tuesday, April 28th. Stockholders of record on Friday, May 8th will be paid a dividend of 0.14 per share on Thursday, May 14th. This represents a c) dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date is Friday, May 8th.

Marine Products has increased its dividend payment by an average of 0.1%annually over the last three years. Marine Products has a dividend payout ratio of 112.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Marine Products Stock Performance

Shares of NYSE MPX opened at $7.80 on Thursday. The firm has a market cap of $274.87 million, a price-to-earnings ratio of 24.38 and a beta of 1.13. The business’s 50-day simple moving average is $7.49 and its 200-day simple moving average is $8.34. Marine Products has a 52 week low of $6.83 and a 52 week high of $10.08.

Marine Products (NYSE:MPX) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. The business had revenue of $64.57 million for the quarter, compared to analyst estimates of $55.00 million. Marine Products had a return on equity of 9.84% and a net margin of 4.66%.

Institutional Trading of Marine Products

Several hedge funds have recently added to or reduced their stakes in MPX. CANADA LIFE ASSURANCE Co boosted its stake in Marine Products by 70.5% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 4,071 shares of the company’s stock valued at $36,000 after purchasing an additional 1,684 shares during the period. Strs Ohio bought a new stake in Marine Products during the 1st quarter valued at approximately $77,000. Corient Private Wealth LLC bought a new stake in Marine Products during the 2nd quarter valued at approximately $85,000. Wells Fargo & Company MN boosted its stake in Marine Products by 61.5% during the 4th quarter. Wells Fargo & Company MN now owns 9,787 shares of the company’s stock valued at $86,000 after purchasing an additional 3,726 shares during the period. Finally, Barclays PLC boosted its stake in Marine Products by 10.5% during the 4th quarter. Barclays PLC now owns 13,819 shares of the company’s stock valued at $121,000 after purchasing an additional 1,316 shares during the period. Institutional investors own 13.86% of the company’s stock.

About Marine Products

Marine Products Corporation, headquartered in Sparta, Michigan, designs and manufactures inflatable and rigid-hulled inflatable boats (RIBs) for recreational, commercial and governmental customers. Established in 1954, the company leverages decades of engineering expertise to deliver vessels for applications such as law enforcement, search and rescue, military operations, offshore support and luxury yacht tenders.

The firm’s product lineup includes a variety of RIBs and inflatables constructed from advanced composite hulls and high-performance fabrics.