Convergence Investment Partners LLC cut its position in shares of Marathon Petroleum Corporation (NYSE:MPC) by 15.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,897 shares of the oil and gas company’s stock after selling 8,885 shares during the period. Convergence Investment Partners LLC’s holdings in Marathon Petroleum Corporation were worth $2,611,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Life Insurance Co. of America raised its position in shares of Marathon Petroleum Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 2,036 shares of the oil and gas company’s stock worth $103,000 after buying an additional 14 shares in the last quarter. FTB Advisors Inc. raised its position in shares of Marathon Petroleum Corporation by 484.9% in the first quarter. FTB Advisors Inc. now owns 2,047 shares of the oil and gas company’s stock worth $104,000 after buying an additional 1,697 shares in the last quarter. Lee Financial Co raised its position in shares of Marathon Petroleum Corporation by 2.4% in the second quarter. Lee Financial Co now owns 2,048 shares of the oil and gas company’s stock worth $107,000 after buying an additional 48 shares in the last quarter. Carroll Financial Associates Inc. raised its position in shares of Marathon Petroleum Corporation by 12.3% in the first quarter. Carroll Financial Associates Inc. now owns 2,287 shares of the oil and gas company’s stock worth $115,000 after buying an additional 250 shares in the last quarter. Finally, Jacobi Capital Management LLC raised its position in shares of Marathon Petroleum Corporation by 32.2% in the first quarter. Jacobi Capital Management LLC now owns 2,340 shares of the oil and gas company’s stock worth $116,000 after buying an additional 570 shares in the last quarter. 81.58% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Marathon Petroleum Corporation (NYSE:MPC) opened at 52.16 on Friday. Marathon Petroleum Corporation has a 52 week low of $39.29 and a 52 week high of $56.81. The firm has a 50-day moving average price of $54.14 and a 200-day moving average price of $51.64. The firm has a market cap of $26.41 billion, a PE ratio of 31.10 and a beta of 1.56.

Marathon Petroleum Corporation (NYSE:MPC) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.04 by $0.01. The company had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.07 EPS. On average, equities research analysts predict that Marathon Petroleum Corporation will post $2.74 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Wednesday, August 16th will be paid a $0.40 dividend. The ex-dividend date is Monday, August 14th. This represents a $1.60 annualized dividend and a dividend yield of 3.07%. This is an increase from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. Marathon Petroleum Corporation’s dividend payout ratio is presently 81.82%.

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A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded Marathon Petroleum Corporation from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Jefferies Group LLC restated a “buy” rating and set a $54.83 price objective (down from $65.00) on shares of Marathon Petroleum Corporation in a research report on Thursday, July 20th. Scotiabank set a $55.00 price objective on Marathon Petroleum Corporation and gave the stock a “hold” rating in a research report on Tuesday, July 11th. Piper Jaffray Companies restated an “overweight” rating and set a $62.00 price objective on shares of Marathon Petroleum Corporation in a research report on Thursday, May 25th. Finally, BidaskClub downgraded Marathon Petroleum Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Marathon Petroleum Corporation has a consensus rating of “Buy” and an average target price of $58.62.

In related news, insider Thomas M. Kelley sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $54.33, for a total value of $1,358,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP C. Michael Palmer sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $53.25, for a total value of $213,000.00. Following the completion of the sale, the vice president now owns 61,757 shares in the company, valued at approximately $3,288,560.25. The disclosure for this sale can be found here. Insiders sold a total of 33,568 shares of company stock worth $1,808,969 in the last 90 days. 1.05% of the stock is currently owned by company insiders.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.

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Institutional Ownership by Quarter for Marathon Petroleum Corporation (NYSE:MPC)

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