Marine Products Co. (NYSE:MPX – Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Monday, November 11th will be paid a dividend of 0.14 per share on Tuesday, December 10th. This represents a $0.56 annualized dividend and a dividend yield of 5.82%. The ex-dividend date is Friday, November 8th.
Marine Products has raised its dividend payment by an average of 15.9% per year 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. Equities research 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 Trading Up 1.9 %
Shares of Marine Products stock opened at $9.62 on Friday. The company has a market cap of $334.01 million, a P/E ratio of 13.18 and a beta of 1.23. Marine Products has a 1 year low of $8.86 and a 1 year high of $12.47. The stock has a 50-day moving average price of $9.49 and a 200 day moving average price of $10.06.
Wall Street Analysts Forecast Growth
Separately, DA Davidson cut their target price on Marine Products from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, August 12th.
View Our Latest Research Report on MPX
About Marine Products
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.
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