The stock of Marine Products Corp. (NYSE:MPX) hit a new 52-week high and has $28.36 target or 197.00% above today’s $9.55 share price. The 8 months bullish chart indicates low risk for the $361.68 million company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $28.36 price target is reached, the company will be worth $712.51 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock decreased 0.31% or $0.03 during the last trading session, hitting $9.55. About 125,797 shares traded hands or 349.36% up from the average. Marine Products Corp. (NYSE:MPX) has risen 26.51% since April 11, 2016 and is uptrending. It has outperformed by 20.37% the S&P500.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment increased to 1.67 in Q2 2016. Its up 0.34, from 1.33 in 2016Q1. The ratio increased, as 4 funds sold all Marine Products Corp. shares owned while 11 reduced positions. 3 funds bought stakes while 22 increased positions. They now own 7.76 million shares or 1.38% less from 7.87 million shares in 2016Q1.
Capital Guardian Tru Company holds 0% or 250 shares in its portfolio. Geode Lc accumulated 46,277 shares or 0% of the stock. Blackrock Ltd Limited Liability Company owns 7,510 shares or 0% of their US portfolio. Gamco Investors Et Al, a New York-based fund reported 2.28 million shares. Synovus holds 0.04% or 225,573 shares in its portfolio. Manufacturers Life Insur Com The has 193 shares for 0% of their US portfolio. The New York-based Gabelli Funds Ltd Liability Corporation has invested 0.03% in Marine Products Corp. (NYSE:MPX). Schwab Charles Invest Mngmt has invested 0% of its portfolio in Marine Products Corp. (NYSE:MPX). Tower Rech Cap Limited Liability Co (Trc) has 0% invested in the company for 1,273 shares. Bnp Paribas Arbitrage Sa holds 0% or 421 shares in its portfolio. Morgan Stanley has invested 0% of its portfolio in Marine Products Corp. (NYSE:MPX). Dimensional Fund Advisors L P accumulated 900,121 shares or 0% of the stock. Citigroup holds 282 shares or 0% of its portfolio. Blackrock owns 6,031 shares or 0% of their US portfolio. Walleye Trading Limited Liability accumulated 0% or 2,629 shares.
More notable recent Marine Products Corp. (NYSE:MPX) news were published by: Prnewswire.com which released: “Marine Products Corporation Reports Third Quarter 2016 Financial Results” on October 26, 2016, also Prnewswire.com with their article: “Marine Products Corporation Announces Change in Term and Price of Tender Offer …” published on October 25, 2016, Prnewswire.com published: “Marine Products Corporation Announces Tender Offer” on August 17, 2016. More interesting news about Marine Products Corp. (NYSE:MPX) were released by: Prnewswire.com and their article: “Marine Products Corporation Announces Second Quarter 2016 Share Repurchases” published on July 05, 2016 as well as Prnewswire.com‘s news article titled: “Marine Products Corporation Announces Management Restructuring” with publication date: May 04, 2016.
MPX Company Profile
Marine Products Corporation (MPC), incorporated on August 31, 2000, is engaged in manufacturing powerboats and providing related services and products. The Firm makes fiberglass motorized boats distributed and marketed through its independent dealer network. The Firm operates in Powerboat Manufacturing business segment. The Company’s product offerings include Chaparral sterndrive, outboard and jet pleasure boats, and Robalo outboard sport fishing boats. MPC designs, makes and sells recreational fiberglass powerboats in the sportboat, deckboat, cruiser, sport yacht, jet boat and sport fishing markets. The Firm sells its products to a network of approximately 150 domestic and over 85 international independent authorized dealers.
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