Marine Products hikes dividend by 16.7%

On October 26, 2022, Marine Products Corp (MPX) announced that it will raise its dividend by 16.7% to $0.14 quarterly per share. The manufacturer of recreational fiberglass powerboats in the sportboat, sport fishing and jet boat markets hiked its dividend by 50% in 2021.

The next MPX dividend of 14 cents will be payable December 9, 2022 to common stockholders of record at the close of business on November 10, 2022. A new annual dividend rate of 56 cents yields 5.0% at a stock price of $11.13 for Marine Products Corp.

Marine Products Corporation designs, manufactures and sells recreational fiberglass powerboats in the sportboat, sport fishing and jet boat markets. Its products include Chaparral sterndrive, outboard and jet pleasure boats and Robalo outboard sport fishing boats. The company sells its products to a network of domestic and international dealers. Marine Products was incorporated on August 31, 2000, in connection with a spin-off from RPC, Inc. The company restarted its dividend in 2012.