Martin Midstream Partners L.P. (NASDAQ:MMLP) Sees Significant Drop in Short Interest

Martin Midstream Partners L.P. (NASDAQ:MMLP) was the recipient of a significant drop in short interest during the month of October. As of October 30th, there was short interest totalling 120,700 shares, a drop of 17.2% from the October 15th total of 145,800 shares. Based on an average daily volume of 246,200 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.4% of the shares of the company are short sold.

Several institutional investors and hedge funds have recently modified their holdings of MMLP. GSA Capital Partners LLP increased its holdings in shares of Martin Midstream Partners by 264.0% during the third quarter. GSA Capital Partners LLP now owns 226,410 shares of the pipeline company’s stock valued at $265,000 after purchasing an additional 164,209 shares during the period. Morgan Stanley increased its holdings in shares of Martin Midstream Partners by 165.8% during the third quarter. Morgan Stanley now owns 262,007 shares of the pipeline company’s stock valued at $307,000 after purchasing an additional 163,431 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Martin Midstream Partners by 17.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 93,250 shares of the pipeline company’s stock valued at $109,000 after purchasing an additional 13,960 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of Martin Midstream Partners by 45.1% during the third quarter. Acadian Asset Management LLC now owns 44,193 shares of the pipeline company’s stock valued at $52,000 after purchasing an additional 13,741 shares during the period. 26.79% of the stock is currently owned by institutional investors.

MMLP stock traded down $0.04 during mid-day trading on Friday, reaching $1.62. The company had a trading volume of 59,757 shares, compared to its average volume of 335,225. The stock has a market capitalization of $62.94 million, a P/E ratio of 27.00 and a beta of 3.17. Martin Midstream Partners has a one year low of $0.91 and a one year high of $4.85. The stock’s 50-day simple moving average is $1.52 and its two-hundred day simple moving average is $1.85.

Martin Midstream Partners (NASDAQ:MMLP) last posted its earnings results on Wednesday, October 21st. The pipeline company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03. Martin Midstream Partners had a negative return on equity of 6.77% and a net margin of 0.33%. As a group, research analysts predict that Martin Midstream Partners will post -0.09 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 13th. Stockholders of record on Friday, November 6th were issued a dividend of $0.005 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, November 5th. Martin Midstream Partners’s dividend payout ratio (DPR) is 18.18%.

Several equities analysts recently issued reports on the company. Zacks Investment Research cut Martin Midstream Partners from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. ValuEngine cut Martin Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 1st. Finally, Stifel Nicolaus raised their price objective on Martin Midstream Partners from $1.50 to $2.00 and gave the stock a “hold” rating in a research note on Wednesday, July 29th.

Martin Midstream Partners Company Profile

Martin Midstream Partners L.P. engages in the terminalling, processing, storage, and packaging of petroleum products and by-products in the United States Gulf Coast region. The company's Terminalling and Storage segment owns or operates 19 marine shore-based terminal facilities and 12 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products.

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