Martin Midstream Partners L.P. Stock Price Up 4.6% Following Insider Buying Activity (MMLP)
Martin Midstream Partners L.P. (NASDAQ:MMLP)’s share price rose 4.6% during trading on Tuesday after an insider bought additional shares in the company, ARN reports. The stock traded as high as $39.48 and last traded at $39.36, with a volume of 165,764 shares. The stock had previously closed at $37.64.
Specifically, CEO Ruben S. Martin acquired 3,000 shares of Martin Midstream Partners L.P. stock on the open market in a transaction dated Monday, August 11th. The stock was purchased at an average price of $37.56 per share, for a total transaction of $112,680.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on MMLP shares. Analysts at Raymond James cut their price target on shares of Martin Midstream Partners L.P. from $45.00 to $43.00 in a research note on Friday, August 1st. They now have an “outperform” rating on the stock. Separately, analysts at RBC Capital cut their price target on shares of Martin Midstream Partners L.P. from $48.00 to $44.00 in a research note on Friday, August 1st. Finally, analysts at Zacks upgraded shares of Martin Midstream Partners L.P. from a “neutral” rating to an “outperform” rating in a research note on Friday, August 1st. They now have a $45.20 price target on the stock. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $50.70.
The stock’s 50-day moving average is $40.30 and its 200-day moving average is $41.59. The company’s market cap is $1.196 billion.
Martin Midstream Partners L.P. (NASDAQ:MMLP) last issued its quarterly earnings data on Friday, August 1st. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.34 by $0.03. On average, analysts predict that Martin Midstream Partners L.P. will post $1.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Thursday, August 7th will be paid a dividend of $0.7925 per share. This represents a $3.17 annualized dividend and a dividend yield of 8.42%. The ex-dividend date is Tuesday, August 5th. This is an increase from Martin Midstream Partners L.P.’s previous quarterly dividend of $0.79.
Martin Midstream Partners L.P. is a limited partnership with a diverse set of operations focused in the United States Gulf Coast region.
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