| Over a week ago | ||||
B. Riley FBR analyst Eric… B. Riley FBR analyst Eric Wold raised the firm's price target on Marine Products to $11.50 from $10 and keeps a Neutral rating on the shares. Dealer checks and recent conversations with managements indicate continued strength in new boat demand into and through the Memorial Day holiday, Wold tells investors in a research note. Manufacturers continue to work through the backlog of purchased boats as the facilities get up to speed after the nearly two-month shutdowns from COVID-19, adds the analyst. | ||||
| Over a month ago | ||||
Marine Products announced… Marine Products announced that its board reduced the quarterly cash dividend from 12c per share to 8c per share. The dividend will be payable June 10, to common stockholders of record at the close of business on May 11. In light of the uncertainty in the economy and our business by the impact of COVID-19, this reduced dividend strengthens our capital structure and enhances our ability to maintain a conservative balance sheet. | ||||
| Over a quarter ago | ||||
Marine Products… Marine Products Corporation announced that it has temporarily suspended manufacturing operations in its Nashville, Georgia production facility. This facility produces all of the company's recreational pleasure boats under the Chaparral, Robalo and Vortex brand names. The suspension in production activities is temporary, but the company has not decided at this time when production will resume. Essential administrative and management functions will continue without interruption, and the company's corporate headquarters in Atlanta remains open. Marine Products Corporation does not anticipate any delays in its upcoming Q1 earnings announcement, its SEC filings, or its 2020 annual meeting to be held on April 28. | ||||
Shares of companies in… Shares of companies in the leisure and recreation space are trading higher after MasterCraft Boat Holdings (MCFT) announced financial results for its second quarter. QUARTERLY RESULTS AND GUIDANCE: MasterCraft reported adjusted earnings per share of 43c on revenue of $99.6M. Analysts were modeling an EPS number of 35c on revenue of $86.75M for the quarter. Q2 sales were lower than the same quarter last year due to a reduction in unit sales volumes across each of the company's reportable segments to allow its dealers to right-size pipeline inventory levels after the weather-impacted summer selling season and continuing softness in the saltwater category, the company said in a statement. The boat maker reaffirmed its full fiscal year 2020 view for EPS to be down in the high-single digit percent range. "As we look to the second half of the year, we continue to be pleased by the retail momentum we experienced in the first half of the year, early boat show results and the successful roll-out of our new Aviara brand," said CEO Fred Brightbill, who has transitioned to the permanent CEO role. PRICE ACTION: Shares of MasterCraft are off earlier highs but are currently up nearly 11% to $18.96. OTHER RECREATION STOCKS JUMP: Shares of other companies in the space including, Polaris (PII), Brunswick (BC), Malibu Boats (MBUU), Marine Products (MPX), Camping World (CWH), Harley-Davidson (HOG) and Winnebago (WGO) are all higher in afternoon trading. | |
Analysts weigh in on stocks to watch as Hurricane Dorian hits »
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As Hurricane Dorian, now… | |
Shares of certain… Shares of certain companies including home improvement giants Home Depot (HD) and Lowe's (LOW) are moving higher in afternoon trading on Wednesday after national weather services project that South Florida will be impacted by Tropical Storm Dorian. Other companies, whose shares are impacted by major storms in the Southeast include Generac (GNRC), up 1.87%, National Oilwell (NOV), almost 4% higher, and Marine Products (MPX), jumping 2.72%. | |
Marine Products is up… Marine Products is up 9.4%, or $1.25 to $14.48. | |
Reports Q2 revenue… Reports Q2 revenue $88.7M, two estimates $81.16M. |