Los Angeles Capital Management & Equity Research Inc. decreased its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC) by 16.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 187,434 shares of the oil and gas company’s stock after selling 35,805 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Marathon Petroleum Corporation were worth $9,808,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of MPC. BlackRock Inc. raised its stake in Marathon Petroleum Corporation by 2,779.4% during the first quarter. BlackRock Inc. now owns 56,121,367 shares of the oil and gas company’s stock worth $2,836,372,000 after acquiring an additional 54,172,304 shares in the last quarter. Iridian Asset Management LLC CT grew its holdings in shares of Marathon Petroleum Corporation by 209.4% during the first quarter. Iridian Asset Management LLC CT now owns 7,707,619 shares of the oil and gas company’s stock worth $389,543,000 after purchasing an additional 5,216,764 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Marathon Petroleum Corporation by 312.4% during the second quarter. Principal Financial Group Inc. now owns 3,947,936 shares of the oil and gas company’s stock worth $206,595,000 after purchasing an additional 2,990,640 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Marathon Petroleum Corporation by 8,254.8% during the first quarter. American Century Companies Inc. now owns 2,042,740 shares of the oil and gas company’s stock worth $103,240,000 after purchasing an additional 2,018,290 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Marathon Petroleum Corporation by 109.5% during the first quarter. FMR LLC now owns 3,685,652 shares of the oil and gas company’s stock worth $186,273,000 after purchasing an additional 1,926,573 shares during the last quarter. 78.85% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Thomas M. Kelley sold 25,000 shares of the 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.05% of the company’s stock.
Shares of Marathon Petroleum Corporation (NYSE MPC) opened at 53.42 on Friday. The stock has a 50 day moving average price of $53.18 and a 200-day moving average price of $51.96. Marathon Petroleum Corporation has a 12 month low of $39.29 and a 12 month high of $56.81. The company has a market capitalization of $27.04 billion, a price-to-earnings ratio of 31.85 and a beta of 1.56.
Marathon Petroleum Corporation (NYSE:MPC) last issued 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. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The business had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. Analysts expect that Marathon Petroleum Corporation will post $2.83 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Wednesday, August 16th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.00%. This is an increase from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. The ex-dividend date is Monday, August 14th. Marathon Petroleum Corporation’s dividend payout ratio is presently 90.91%.
Several research firms have recently weighed in on MPC. BidaskClub cut Marathon Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. Jefferies Group LLC set a $65.00 target price on Marathon Petroleum Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Zacks Investment Research upgraded Marathon Petroleum Corporation from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Scotiabank set a $55.00 target price on Marathon Petroleum Corporation and gave the company a “hold” rating in a report on Tuesday, July 11th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $62.00 target price on shares of Marathon Petroleum Corporation in a report on Thursday, May 25th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Marathon Petroleum Corporation currently has an average rating of “Buy” and an average price target of $59.16.
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Marathon Petroleum Corporation Company Profile
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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