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

Marine Products Co. (NYSE:MPX) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Monday, November 11th will be given 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 of this dividend is Friday, November 8th.

Marine Products has increased its dividend by an average of 15.9% annually over the last three years. Marine Products has a payout ratio of 112.0% meaning 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 Stock Up 1.9 %

Shares of NYSE MPX opened at $9.62 on Friday. The firm has a market capitalization of $334.01 million, a P/E ratio of 13.18 and a beta of 1.23. The stock’s 50-day simple moving average is $9.49 and its two-hundred day simple moving average is $10.06. Marine Products has a twelve month low of $8.86 and a twelve month high of $12.47.

Marine Products (NYSE:MPX) last announced its earnings results on Thursday, July 25th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. The business had revenue of $69.55 million during the quarter. Marine Products had a net margin of 9.04% and a return on equity of 17.86%. During the same quarter in the previous year, the firm earned $0.42 earnings per share. As a group, research analysts anticipate that Marine Products will post 0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, DA Davidson cut their target price on shares of Marine Products from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, August 12th.

Marine Products Company Profile

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.