(NASDAQ:MMLP) shares saw heavy trading volume with 413K shares changing hands by the end of trading on Tuesday. Shares saw a steep increase in trading volume of 143.84% over the normal average daily volume.
Short traders are feeling a little more bullish on shares of Martin Midstrm LP lately if you pay attention to the motion in short interest. The stock saw a fall in short interest between September 29, 2017 and October 13, 2017 of -13.64%. Short interest decreased 76,715 over that period. With short interest at 485,766 and short average daily volume at 89,095, days to cover is 5.0 and the short interest percentage is 0.01% as of October 13.
Here is a rundown on some insider market activity for Martin Midstrm LP (NASDAQ:MMLP). President and CEO Ruben S. Martin acquired 850 shares at an average price of $16.50 on October 4th. That brings Martin’s holdings to $2,237,364 as reported to the SEC. EVP Robert D. Bondurant disclosed the purchase of 338 shares. The shares were bought on October 4th for an average price of $16.50. Bondurant now owns $615,689 of the stock per the Form 4 SEC filing.
These firms have modified their investment in MMLP. As of quarter end Van Eck Associates Corp had sold a total of 8,540 shares trimming its position 11.4%. The value of the company’s investment in Martin Midstrm LP decreased from $1,309,000 to $1,027,000 decreasing 21.5% since the last quarter. Wells Fargo & Company/mn divested its holdings by shedding 300 shares a decrease of 25.4% in the quarter. Wells Fargo & Company/mn now controls 880 shares worth $14,000. The value of the position overall is down by 33.3%.
Citigroup Inc expanded its ownership by buying 810 shares an increase of 426.3%. Citigroup Inc claims 1,000 shares valued at $16,000. The total value of its holdings increased 433.3%. Raymond James & Associates added to its position by buying 1 shares an increase of 0.0% from 06/30/2017 to 09/30/2017. Raymond James & Associates controls 50,085 shares with a value of $779,000. The value of the position overall is down by 11.4%.
October 27 investment analysts at Royal Bank Of Canada held the company rating at “Hold” targeting a price of $18.00. Equity analyst Stifel Nicolaus lowered the price target of the stock on October 26 cutting the projection from $19.00 to $17.00 and issued a “Hold” recommendation.
On August 24 Robert W. Baird maintained a company rating of “Hold” with a current price target of $20.00. August 11 investment analysts at Stifel Nicolaus maintained a stock rating of “Hold” projecting a price of $20.00.
The company is trading up by 2.27% percent from yesterday’s close. Martin Midstrm LP currently has a P/E ratio of 30.05 and the market cap is 530.79M. As of the last earnings report the EPS was $0.46 with 38.45M shares presently outstanding.
Martin Midstream Partners L.P., launched on June 21, 2002, is a limited partnership with a set of operations focused in the United States Gulf Coast region. The Business’s four business lines include terminalling and storage services for petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services, and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution, and marine transportation services for petroleum products and by-products. The petroleum products and by-products that the Company collects, transports, stores and markets are produced by oil and gas companies. The Business’s customers include oil and gas companies, independent refiners, chemical companies, fertilizer manufacturers and other wholesale purchasers..