Martin Midstream Partners L.P. (NASDAQ:MMLP – Get Rating) declared a quarterly dividend on Monday, January 23rd, Zacks reports. Investors of record on Tuesday, February 7th will be paid a dividend of 0.005 per share by the pipeline company on Tuesday, February 14th. This represents a $0.02 annualized dividend and a yield of 0.63%. The ex-dividend date is Monday, February 6th.
Martin Midstream Partners has decreased its dividend payment by an average of 74.8% annually over the last three years. Martin Midstream Partners has a dividend payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Martin Midstream Partners to earn $0.05 per share next year, which means the company should continue to be able to cover its $0.02 annual dividend with an expected future payout ratio of 40.0%.
Martin Midstream Partners Stock Performance
NASDAQ:MMLP opened at $3.18 on Wednesday. The firm’s 50-day moving average is $3.18 and its 200-day moving average is $3.55. Martin Midstream Partners has a 52-week low of $2.57 and a 52-week high of $5.98. The company has a market cap of $123.55 million, a price-to-earnings ratio of 162.50 and a beta of 2.01.
Analyst Ratings Changes
MMLP has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Martin Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 4th. TheStreet lowered shares of Martin Midstream Partners from a “c” rating to a “d” rating in a research report on Thursday, November 3rd.
Insider Transactions at Martin Midstream Partners
In related news, Director Ruben S. Martin bought 95,408 shares of Martin Midstream Partners stock in a transaction dated Friday, November 4th. The shares were bought at an average cost of $3.03 per share, for a total transaction of $289,086.24. Following the completion of the transaction, the director now owns 2,986,986 shares of the company’s stock, valued at $9,050,567.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have purchased 100,208 shares of company stock worth $304,613. Corporate insiders own 17.00% of the company’s stock.
Hedge Funds Weigh In On Martin Midstream Partners
A number of large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in shares of Martin Midstream Partners by 0.4% during the second quarter. JPMorgan Chase & Co. now owns 690,561 shares of the pipeline company’s stock worth $2,748,000 after purchasing an additional 2,458 shares in the last quarter. Raymond James & Associates raised its stake in shares of Martin Midstream Partners by 351.9% during the first quarter. Raymond James & Associates now owns 417,936 shares of the pipeline company’s stock worth $1,755,000 after buying an additional 325,461 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Martin Midstream Partners by 35.5% during the second quarter. BNP Paribas Arbitrage SA now owns 122,231 shares of the pipeline company’s stock worth $486,000 after buying an additional 31,999 shares during the last quarter. UBS Group AG raised its stake in shares of Martin Midstream Partners by 10.6% during the first quarter. UBS Group AG now owns 41,955 shares of the pipeline company’s stock worth $177,000 after buying an additional 4,028 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Martin Midstream Partners during the first quarter worth approximately $140,000. 34.96% of the stock is currently owned by institutional investors and hedge funds.
About Martin Midstream Partners
Martin Midstream Partners LP engages in a diverse set of operations focused primarily in the United States Gulf Coast region. It operates through the following segments: Terminalling and Storage, Transportation, Sulfur Services, and Natural Gas Liquids. The Terminalling and Storage segment offers storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of various grades and quantities of industrial, commercial, and automotive lubricants and greases.
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