Zacks Investment Research Lowers Martin Midstream Partners L.P. (MMLP) to Hold

Martin Midstream Partners L.P. (NASDAQ:MMLP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday, October 27th.

According to Zacks, “Martin Midstream is a limited partnership which stores and transports hydrocarbon products and specialty chemicals, primarily in the Gulf Coast. It runs a marine transportation business, mostly barges and tugs, and operates storage tanks. “

MMLP has been the subject of several other reports. BidaskClub raised Martin Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $20.00 target price on shares of Martin Midstream Partners L.P. in a research report on Friday, August 11th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $20.00 target price on shares of Martin Midstream Partners L.P. in a research report on Thursday, August 24th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $19.60.

Martin Midstream Partners L.P. (NASDAQ:MMLP) opened at $14.20 on Friday. The company has a market capitalization of $527.68, a PE ratio of 20.64 and a beta of 1.57. Martin Midstream Partners L.P. has a twelve month low of $13.90 and a twelve month high of $20.90. The company has a current ratio of 2.04, a quick ratio of 0.86 and a debt-to-equity ratio of 2.78.

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In other news, CFO Robert D. Bondurant acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were acquired at an average price of $13.58 per share, for a total transaction of $27,160.00. Following the completion of the purchase, the chief financial officer now owns 39,314 shares in the company, valued at $533,884.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ruben S. Martin acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was purchased at an average price of $13.61 per share, for a total transaction of $68,050.00. Following the purchase, the insider now owns 140,598 shares of the company’s stock, valued at approximately $1,913,538.78. The disclosure for this purchase can be found here. Insiders bought a total of 8,909 shares of company stock worth $127,035 in the last 90 days. Company insiders own 17.00% of the company’s stock.

Large investors have recently bought and sold shares of the business. Creative Planning lifted its position in shares of Martin Midstream Partners L.P. by 33.8% during the second quarter. Creative Planning now owns 5,893 shares of the pipeline company’s stock worth $104,000 after acquiring an additional 1,490 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Martin Midstream Partners L.P. by 192.5% during the second quarter. The Manufacturers Life Insurance Company now owns 9,543 shares of the pipeline company’s stock worth $167,000 after acquiring an additional 6,280 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Martin Midstream Partners L.P. by 61.1% in the first quarter. Ameriprise Financial Inc. now owns 19,753 shares of the pipeline company’s stock worth $395,000 after purchasing an additional 7,493 shares during the period. Sippican Capital Advisors increased its holdings in shares of Martin Midstream Partners L.P. by 1.8% in the second quarter. Sippican Capital Advisors now owns 28,120 shares of the pipeline company’s stock worth $494,000 after purchasing an additional 500 shares during the period. Finally, Stephens Inc. AR increased its holdings in shares of Martin Midstream Partners L.P. by 6.5% in the second quarter. Stephens Inc. AR now owns 28,733 shares of the pipeline company’s stock worth $504,000 after purchasing an additional 1,754 shares during the period. Hedge funds and other institutional investors own 32.55% of the company’s stock.

Martin Midstream Partners L.P. Company Profile

Martin Midstream Partners L.P. is a limited partnership with a set of operations focused in the United States Gulf Coast region. The Company’s four business lines include terminalling and storage services for petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services, and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution, and marine transportation services for petroleum products and by-products.

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