State Board of Administration of Florida Retirement System Decreases Stock Holdings in Marathon Petroleum Corp (NYSE:MPC)
State Board of Administration of Florida Retirement System trimmed its holdings in shares of Marathon Petroleum Corp (NYSE:MPC) by 4.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 916,256 shares of the oil and gas company’s stock after selling 43,199 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.14% of Marathon Petroleum worth $51,200,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of MPC. Dimensional Fund Advisors LP raised its position in Marathon Petroleum by 70.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,065,459 shares of the oil and gas company’s stock valued at $593,940,000 after buying an additional 4,153,879 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Marathon Petroleum by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 8,732,890 shares of the oil and gas company’s stock worth $514,399,000 after purchasing an additional 671,836 shares during the last quarter. Bay Harbor Wealth Management LLC acquired a new position in shares of Marathon Petroleum during the 1st quarter worth approximately $31,000. CWM LLC increased its position in shares of Marathon Petroleum by 6.1% during the 1st quarter. CWM LLC now owns 9,998 shares of the oil and gas company’s stock worth $598,000 after purchasing an additional 577 shares during the last quarter. Finally, Horan Capital Advisors LLC. acquired a new position in shares of Marathon Petroleum during the 1st quarter worth approximately $36,000. 77.55% of the stock is owned by institutional investors.
Several research firms have weighed in on MPC. Wells Fargo & Co lowered their price target on Marathon Petroleum from $96.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Raymond James boosted their price target on Marathon Petroleum from $72.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 2nd. Zacks Investment Research lowered Marathon Petroleum from a “hold” rating to a “strong sell” rating in a research report on Friday, May 17th. Credit Suisse Group lowered their price target on Marathon Petroleum from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Finally, Cowen lowered Marathon Petroleum from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $90.00 to $65.00 in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $82.62.
Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $1.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.40. The business had revenue of $33.70 billion during the quarter, compared to the consensus estimate of $33.26 billion. Marathon Petroleum had a return on equity of 9.55% and a net margin of 2.36%. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.27 EPS. As a group, sell-side analysts predict that Marathon Petroleum Corp will post 4.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be paid a $0.53 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $2.12 annualized dividend and a yield of 4.53%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 31.27%.
In other news, Director James E. Rohr purchased 12,500 shares of Marathon Petroleum stock in a transaction that occurred on Tuesday, June 11th. The stock was acquired at an average cost of $48.14 per share, for a total transaction of $601,750.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.06% of the company’s stock.
Marathon Petroleum Company Profile
Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates.
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