The stock of Marine Products Corp. (NYSE:MPX) hit a new 52-week high and has $12.86 target or 37.00% above today’s $9.39 share price. The 7 months bullish chart indicates low risk for the $359.77M company. The 1-year high was reported on Nov, 2 by Barchart.com. If the $12.86 price target is reached, the company will be worth $133.11 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. About 22,818 shares traded hands or 0.68% up from the average. Marine Products Corp. (NYSE:MPX) has risen 23.06% since March 31, 2016 and is uptrending. It has outperformed by 20.53% 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 improved, 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.
Morgan Stanley, a New York-based fund reported 77,359 shares. The New Jersey-based Blackrock Limited Company has invested 0% in Marine Products Corp. (NYSE:MPX). Moreover, Blackrock Japan Limited has 0% invested in Marine Products Corp. (NYSE:MPX) for 1,817 shares. Blackrock Institutional Na, a California-based fund reported 417,412 shares. Tower Rech Capital Lc (Trc) accumulated 1,273 shares or 0% of the stock. Gabelli Funds Llc last reported 0.03% of its portfolio in the stock. Panagora Asset holds 0% of its portfolio in Marine Products Corp. (NYSE:MPX) for 4,911 shares. Walleye Trading Limited Liability holds 2,629 shares or 0% of its portfolio. Blackrock Fund Advsr has 0% invested in the company for 288,202 shares. Guardian Co has 250 shares for 0% of their US portfolio. The New York-based Gru Incorporated has invested 0% in Marine Products Corp. (NYSE:MPX). Blackrock Limited Liability Com holds 0% or 7,510 shares in its portfolio. Strs Ohio has 0% invested in the company for 1,300 shares. Teachers Inc has 0% invested in the company for 16,320 shares. New York State Common Retirement Fund has 0% invested in the company for 9,800 shares.
More notable recent Marine Products Corp. (NYSE:MPX) news were published by: Prnewswire.com which released: “Marine Products Corporation Announces Change in Term and Price of Tender Offer …” on October 25, 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 Reports Death of Executive Vice President James A …” published on March 21, 2016 as well as Reuters.com‘s news article titled: “BRIEF-Marine Products Corp reports third quarter 2016 financial results” with publication date: October 26, 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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