Redwood Investment Management LLC cut its holdings in Marathon Petroleum Co. (NYSE:MPC) by 15.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,561 shares of the oil and gas company’s stock after selling 11,275 shares during the quarter. Marathon Petroleum makes up about 1.4% of Redwood Investment Management LLC’s holdings, making the stock its 18th biggest holding. Redwood Investment Management LLC’s holdings in Marathon Petroleum were worth $4,574,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. Scout Investments Inc. grew its position in shares of Marathon Petroleum by 19.7% in the 1st quarter. Scout Investments Inc. now owns 643,746 shares of the oil and gas company’s stock worth $47,064,000 after buying an additional 106,146 shares during the period. Federated Investors Inc. PA grew its position in shares of Marathon Petroleum by 15.5% in the 1st quarter. Federated Investors Inc. PA now owns 49,210 shares of the oil and gas company’s stock worth $3,598,000 after buying an additional 6,589 shares during the period. Glen Harbor Capital Management LLC grew its position in shares of Marathon Petroleum by 124.7% in the 1st quarter. Glen Harbor Capital Management LLC now owns 310,976 shares of the oil and gas company’s stock worth $22,735,000 after buying an additional 172,608 shares during the period. KBC Group NV grew its position in shares of Marathon Petroleum by 18.6% in the 1st quarter. KBC Group NV now owns 600,194 shares of the oil and gas company’s stock worth $43,880,000 after buying an additional 93,918 shares during the period. Finally, Guyasuta Investment Advisors Inc. purchased a new stake in shares of Marathon Petroleum in the 1st quarter worth about $209,000. 79.87% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Thomas M. Kelley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $69.77, for a total value of $1,395,400.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles E. Bunch acquired 1,500 shares of the stock in a transaction dated Tuesday, March 6th. The stock was acquired at an average price of $67.38 per share, for a total transaction of $101,070.00. Following the purchase, the director now directly owns 12,853 shares in the company, valued at $866,035.14. The disclosure for this purchase can be found here. Company insiders own 1.09% of the company’s stock.
Shares of MPC stock opened at $78.85 on Tuesday. The company has a current ratio of 1.73, a quick ratio of 1.12 and a debt-to-equity ratio of 0.91. The stock has a market cap of $36.73 billion, a P/E ratio of 20.75, a PEG ratio of 1.21 and a beta of 1.36. Marathon Petroleum Co. has a one year low of $49.30 and a one year high of $83.27.
Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results on Tuesday, May 1st. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). The company had revenue of $18.98 billion for the quarter, compared to analysts’ expectations of $21.78 billion. Marathon Petroleum had a net margin of 4.45% and a return on equity of 10.05%. The business’s revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 EPS. analysts forecast that Marathon Petroleum Co. will post 4.63 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 11th. Stockholders of record on Wednesday, May 16th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Tuesday, May 15th. Marathon Petroleum’s payout ratio is presently 48.42%.
A number of analysts have recently weighed in on the stock. Cowen reaffirmed an “outperform” rating and issued a $90.00 target price (up from $76.00) on shares of Marathon Petroleum in a research report on Thursday, February 1st. Citigroup increased their price objective on shares of Marathon Petroleum from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, March 13th. Wells Fargo reissued a “market perform” rating and set a $66.00 price objective (down from $72.00) on shares of Marathon Petroleum in a research report on Thursday, March 15th. They noted that the move was a valuation call. Royal Bank of Canada reissued a “buy” rating and set a $89.00 price objective on shares of Marathon Petroleum in a research report on Tuesday, January 30th. Finally, JPMorgan Chase cut their price objective on shares of Marathon Petroleum from $90.00 to $86.00 and set an “overweight” rating on the stock in a research report on Monday, April 9th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $83.63.
About Marathon Petroleum
Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Midstream. It refines crude oil and other feed stocks at its six refineries in the Gulf Coast and Midwest regions of the United States; and purchases refined products and ethanol for resale.
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