The stock of Marine Products Corp. (NYSE:MPX) hit a new 52-week high and has $30.50 target or 193.00% above today’s $10.41 share price. The 8 months bullish chart indicates low risk for the $422.57M company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $30.50 price target is reached, the company will be worth $815.56M 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 increased 2.46% or $0.25 on November 17, hitting $10.41. About 29,331 shares traded hands. Marine Products Corp. (NYSE:MPX) has risen 26.21% since April 15, 2016 and is uptrending. It has outperformed by 21.59% 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 2016 Q2. Its up 0.34, from 1.33 in 2016Q1. The ratio is positive, 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.
Gabelli Funds Ltd Liability Corporation reported 515,085 shares or 0.03% of all its holdings. Blackrock has 6,031 shares for 0% of their US portfolio. Nationwide Fund Advsrs last reported 7,449 shares in the company. The California-based Denali Advsrs Lc has invested 0% in Marine Products Corp. (NYSE:MPX). The Japan-based Blackrock Japan Ltd has invested 0% in Marine Products Corp. (NYSE:MPX). Gamco Investors Et Al accumulated 0.13% or 2.28 million shares. Renaissance Technologies Limited Liability holds 96,700 shares or 0% of its portfolio. Us Bancorp De has invested 0% of its portfolio in Marine Products Corp. (NYSE:MPX). Wells Fargo & Co Mn holds 838 shares or 0% of its portfolio. Zacks Investment has 51,347 shares for 0.01% of their US portfolio. Vanguard holds 0% or 560,361 shares in its portfolio. Moreover, Synovus Fincl has 0.04% invested in Marine Products Corp. (NYSE:MPX) for 225,573 shares. Citigroup Inc accumulated 0% or 282 shares. American Int Gru has 0% invested in the company for 6,203 shares. Geode Capital Mngmt Ltd Company has invested 0% of its portfolio in Marine Products Corp. (NYSE:MPX).
More notable recent Marine Products Corp. (NYSE:MPX) news were published by: Prnewswire.com which released: “Marine Products Corporation Announces Final Results of Tender Offer” on November 14, 2016, also Prnewswire.com with their article: “Marine Products Corporation Announces Tender Offer” published on August 17, 2016, Prnewswire.com published: “Marine Products Corporation Announces Management Restructuring” on May 04, 2016. More interesting news about Marine Products Corp. (NYSE:MPX) were released by: Prnewswire.com and their article: “Marine Products Corporation Announces Date for Third Quarter 2016 Financial …” published on September 26, 2016 as well as Prnewswire.com‘s news article titled: “Marine Products Corporation Reports Death of Executive Vice President James A …” with publication date: March 21, 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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