Grimes & Company Inc. Increases Stake in Marathon Petroleum Corp. (MPC)
Grimes & Company Inc. increased its stake in Marathon Petroleum Corp. (NYSE:MPC) by 14.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,476 shares of the company’s stock after buying an additional 13,071 shares during the period. Grimes & Company Inc.’s holdings in Marathon Petroleum Corp. were worth $3,966,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Acrospire Investment Management LLC bought a new stake in shares of Marathon Petroleum Corp. during the first quarter valued at about $108,000. Invictus RG increased its stake in shares of Marathon Petroleum Corp. by 35.7% in the first quarter. Invictus RG now owns 3,176 shares of the company’s stock valued at $118,000 after buying an additional 835 shares in the last quarter. Gierl Augustine Investment Management Inc increased its stake in shares of Marathon Petroleum Corp. by 35.2% in the second quarter. Gierl Augustine Investment Management Inc now owns 3,124 shares of the company’s stock valued at $119,000 after buying an additional 814 shares in the last quarter. Mercer Capital Advisers Inc. increased its stake in shares of Marathon Petroleum Corp. by 433.5% in the second quarter. Mercer Capital Advisers Inc. now owns 3,692 shares of the company’s stock valued at $140,000 after buying an additional 3,000 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV bought a new stake in shares of Marathon Petroleum Corp. during the second quarter valued at about $200,000. 79.85% of the stock is owned by institutional investors.
Shares of Marathon Petroleum Corp. (NYSE:MPC) traded down 2.70% during mid-day trading on Tuesday, reaching $42.55. 5,480,055 shares of the company’s stock traded hands. The company has a market cap of $22.50 billion, a P/E ratio of 11.74 and a beta of 2.20. The firm has a 50-day moving average of $42.11 and a 200 day moving average of $38.28. Marathon Petroleum Corp. has a 12-month low of $29.24 and a 12-month high of $59.99.
Marathon Petroleum Corp. (NYSE:MPC) last posted its earnings results on Thursday, July 28th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.10. Marathon Petroleum Corp. had a net margin of 3.02% and a return on equity of 10.94%. The firm earned $16.81 billion during the quarter, compared to analyst estimates of $16.30 billion. During the same quarter in the prior year, the business posted $1.51 EPS. The business’s revenue was down 18.4% compared to the same quarter last year. Equities analysts forecast that Marathon Petroleum Corp. will post $2.40 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 17th were paid a $0.36 dividend. This is a positive change from Marathon Petroleum Corp.’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Monday, August 15th. This represents a $1.44 annualized dividend and a dividend yield of 3.38%. Marathon Petroleum Corp.’s dividend payout ratio is presently 39.78%.
A number of research analysts recently weighed in on the stock. Vetr downgraded shares of Marathon Petroleum Corp. from a “strong-buy” rating to a “buy” rating and set a $42.00 target price for the company. in a research report on Tuesday, July 19th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $45.00 target price on shares of Marathon Petroleum Corp. in a research report on Thursday, July 14th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Marathon Petroleum Corp. in a research report on Saturday, July 9th. TheStreet raised shares of Marathon Petroleum Corp. from a “hold” rating to a “buy” rating in a research report on Monday, August 8th. Finally, Jefferies Group assumed coverage on shares of Marathon Petroleum Corp. in a research report on Tuesday, August 23rd. They issued a “buy” rating and a $48.00 target price for the company. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $53.05.
Marathon Petroleum Corp. Company Profile
Marathon Petroleum Corporation is engaged in petroleum product refining, marketing, retail and transportation businesses in the United States and the east of the Mississippi. The Company’s segments include Refining & Marketing, Speedway, and Midstream. Its Refining & Marketing segment refines crude oil and other feedstocks at its approximately seven refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products.
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