Marine Products Corp (MPX) will raise its dividend by another 20 percent to 12 cents per share in Q2 of 2021. This follows a dividend hike of 25 percent to 10 cents per share in Q1. However 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 June 10, 2021 to common stockholders of record at the close of business on May 10, 2021. A new annual dividend rate of 48 cents yields 2.8% at a stock price of $17.42 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.