Marine Products Corporation (NYSE:MPX) Declares $0.14 Quarterly Dividend

Marine Products Corporation (NYSE:MPX) declared a quarterly dividend on Wednesday, January 28th. Shareholders of record on Tuesday, February 10th will be given a dividend of 0.14 per share on Tuesday, March 10th. This represents a c) dividend on an annualized basis and a yield of 6.0%. The ex-dividend date is Tuesday, February 10th.

Marine Products has increased its dividend by an average of 0.2%annually over the last three years. Marine Products has a 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. Analysts expect Marine Products to earn $0.50 per share next year, which means the company may not be able to cover its $0.56 annual dividend with an expected future payout ratio of 112.0%.

Marine Products Stock Performance

Shares of NYSE MPX traded down $0.32 during mid-day trading on Wednesday, hitting $9.39. 9,613 shares of the stock were exchanged, compared to its average volume of 20,947. The company has a market cap of $328.48 million, a P/E ratio of 25.36 and a beta of 1.07. Marine Products has a twelve month low of $7.49 and a twelve month high of $10.08. The stock’s fifty day simple moving average is $8.93 and its two-hundred day simple moving average is $8.83.

Marine Products (NYSE:MPX) last announced its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). The business had revenue of $53.15 million during the quarter, compared to analyst estimates of $54.80 million. Marine Products had a net margin of 5.84% and a return on equity of 10.44%. As a group, equities research analysts predict that Marine Products will post 0.4 earnings per share for the current fiscal year.

Institutional Trading of Marine Products

Several institutional investors and hedge funds have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Marine Products in the 2nd quarter valued at $26,000. Strs Ohio acquired a new position in Marine Products in the first quarter valued at about $77,000. Corient Private Wealth LLC bought a new position in Marine Products during the second quarter worth about $85,000. Los Angeles Capital Management LLC grew its position in shares of Marine Products by 7.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 21,525 shares of the company’s stock worth $183,000 after buying an additional 1,400 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Marine Products by 66.6% in the 1st quarter. Rhumbline Advisers now owns 21,525 shares of the company’s stock valued at $181,000 after acquiring an additional 8,602 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.