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

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

Martin Midstream Partners Stock Performance

Shares of NASDAQ:MMLP traded down $0.02 during midday trading on Friday, reaching $3.97. 91,945 shares of the company’s stock traded hands, 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 company has a market cap of $154.83 million, a P/E ratio of 39.70 and a beta of 2.10. The company has a fifty day simple moving average of $3.84 and a two-hundred day simple moving average of $3.54.

Martin Midstream Partners (NASDAQ:MMLP) last announced 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 net margin of 0.59% and a negative return on equity of 6.93%. The business had revenue of $170.93 million for the quarter, compared to analysts’ expectations of $176.43 million. During the same quarter last year, the business earned ($0.03) EPS. As a group, research analysts forecast that Martin Midstream Partners will post 0.16 EPS for the current fiscal year.

Martin Midstream Partners Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MMLP. Acadian Asset Management LLC purchased a new position in Martin Midstream Partners in the 1st quarter valued at $50,000. Virtu Financial LLC purchased a new position in Martin Midstream Partners in the 1st quarter valued at $55,000. Finally, De Lisle Partners LLP lifted its holdings in Martin Midstream Partners by 13.0% in the 3rd quarter. De Lisle Partners LLP now owns 260,833 shares of the pipeline company’s stock valued at $953,000 after purchasing an additional 30,000 shares in the last quarter. Hedge funds and other institutional investors own 34.90% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.