Marine Products Corp (MPX) will this time raise its quarterly dividend by 25 percent to 10 cents per share. This comes after a cut of the quarterly dividend by a third to 8 cents per share in 2020 by the manufacturer of recreational fiberglass powerboats in the sportboat, sport fishing and jet boat markets. This cut last year ended 7 consecutive years of dividend hikes by MPX.

The next dividend of 8 cents will be payable March 10, 2021 to common stockholders of record at the close of business on February 10, 2021. A new annual dividend rate of 40 cents yields 2.5% at a stock price of $15.75 for Marine Products Corp.

This latest dividend hike just announced is the fourth double digit increase in the last five years. However MPX also cut the dividend by 33.3 percent in 2020. The company will now pay a dividend of approximately $14 million to shareholders annually.

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.