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

Martin Midstream Partners L.P. (NASDAQ:MMLP) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 113,000 shares, a drop of 19.3% from the October 15th total of 140,100 shares. Based on an average trading volume of 81,500 shares, the days-to-cover ratio is currently 1.4 days. Approximately 0.4% of the company’s shares are short sold.

Martin Midstream Partners Stock Down 0.5 %

Shares of MMLP traded down $0.02 during midday trading on Friday, reaching $3.97. The company had a trading volume of 91,945 shares, compared to its average volume of 97,847. Martin Midstream Partners has a 1-year low of $2.04 and a 1-year high of $4.13. The stock has a market cap of $154.83 million, a PE ratio of 39.70 and a beta of 2.10. The firm has a 50 day simple moving average of $3.84 and a 200-day simple moving average of $3.54.

Martin Midstream Partners (NASDAQ:MMLP) last issued its earnings results on Wednesday, October 16th. The pipeline company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Martin Midstream Partners had a negative return on equity of 6.93% and a net margin of 0.59%. The company had revenue of $170.93 million during the quarter, compared to analyst estimates of $176.43 million. During the same period last year, the business earned ($0.03) earnings per share. As a group, sell-side analysts anticipate that Martin Midstream Partners will post 0.16 earnings per share for the current fiscal year.

Martin Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given a dividend of $0.005 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Thursday, November 7th. Martin Midstream Partners’s payout ratio is 20.00%.

Institutional Trading of Martin Midstream Partners

Hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new stake in shares of Martin Midstream Partners during the 1st quarter worth about $50,000. Virtu Financial LLC acquired a new stake in shares of Martin Midstream Partners during the 1st quarter worth about $55,000. Finally, De Lisle Partners LLP increased its position in shares of Martin Midstream Partners by 13.0% during the 3rd quarter. De Lisle Partners LLP now owns 260,833 shares of the pipeline company’s stock worth $953,000 after purchasing an additional 30,000 shares during the last quarter. 34.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on Martin Midstream Partners in a research note on Saturday. They issued a “buy” rating for the company.

About Martin Midstream Partners

Martin Midstream Partners L.P., together with its subsidiaries, provides terminalling, processing, storage, and packaging services for petroleum products and by-products primarily in the United States. The company operates in four segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products.