Marine Products (NYSE:MPX) coverage launched on

0 began to cover the shares of Marine Products (NYSE: MPX – Get a rating) in a report released Sunday. The brokerage has set a “hold” rating on the stock.

Seafood trade up 3.2%

NYSE MPX opened at $10.47 on Friday. The stock has a market capitalization of $358.47 million, a PE ratio of 11.02 and a beta of 1.12. The stock has a fifty-day simple moving average of $10.22 and a 200-day simple moving average of $11.10. Marine Products has a 12-month low of $8.32 and a 12-month high of $14.79.

Hedge funds weigh on marine products

Several hedge funds have recently increased or reduced their holdings in the stock. Connors Investor Services Inc. purchased a new stake in shares of Marine Products in the fourth quarter valued at approximately $226,000. The Florida Retirement System State Board of Directors purchased a new position in Marine Products in Q4 worth approximately $160,000. Polar Asset Management Partners Inc. increased its stake in Marine Products by 2.7% in Q1. Polar Asset Management Partners Inc. now owns 783,105 shares of the company worth $9,045,000 after acquiring an additional 20,813 shares during the period. BlackRock Inc. increased its stake in Marine Products by 0.3% in the first quarter. BlackRock Inc. now owns 626,784 shares of the company valued at $7,239,000 after purchasing an additional 2,132 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Marine Products shares by 3.6% in the 1st quarter. Bank of New York Mellon Corp now owns 236,232 shares of the company worth $2,729,000 after acquiring 8,257 additional shares during the period. 13.73% of the shares are currently held by hedge funds and other institutional investors.

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Marine Products Corporation designs, manufactures and sells fiberglass recreational powerboats for the sportboat, sportfishing and jetboat 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 the OSX luxury sport boats and the SSi and SSX outboard models; and the Robalo outboard sport fishing boats.

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