Wells Fargo & Company MN lifted its stake in Martin Midstream Partners L.P. (NASDAQ:MMLP) by 25.4% in the second quarter, Holdings Channel.com reports. The firm owned 24,716 shares of the pipeline company’s stock after buying an additional 5,001 shares during the period. Wells Fargo & Company MN’s holdings in Martin Midstream Partners were worth $176,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Martin Midstream Partners by 55,900.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,840 shares of the pipeline company’s stock worth $56,000 after purchasing an additional 7,826 shares during the period. Huntington National Bank purchased a new position in shares of Martin Midstream Partners in the 2nd quarter worth approximately $129,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Martin Midstream Partners in the 2nd quarter worth approximately $651,000. Hedge funds and other institutional investors own 27.92% of the company’s stock.
Shares of MMLP stock opened at $3.90 on Friday. Martin Midstream Partners L.P. has a 52-week low of $3.39 and a 52-week high of $14.32. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.07 and a current ratio of 1.80. The firm has a market capitalization of $151.55 million, a P/E ratio of -20.53 and a beta of 1.24. The stock has a 50 day moving average price of $4.16 and a 200 day moving average price of $6.77.
A number of equities research analysts recently issued reports on MMLP shares. BidaskClub raised Martin Midstream Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. ValuEngine raised Martin Midstream Partners from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research lowered Martin Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. Martin Midstream Partners presently has an average rating of “Hold” and a consensus target price of $14.50.
Martin Midstream Partners Company Profile
Martin Midstream Partners L.P. collects, transports, stores, and markets petroleum products and by-products in the United States Gulf Coast region. The company's Terminalling and Storage segment owns or operates 19 marine shore-based terminal facilities and 14 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products.
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