Sawgrass Asset Management LLC Has $2.29 Million Position in Marathon Petroleum Co. (NYSE:MPC)

Sawgrass Asset Management LLC decreased its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 3.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 15,444 shares of the oil and gas company’s stock after selling 480 shares during the period. Sawgrass Asset Management LLC’s holdings in Marathon Petroleum were worth $2,291,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Lindbrook Capital LLC boosted its stake in Marathon Petroleum by 13.8% in the 3rd quarter. Lindbrook Capital LLC now owns 3,417 shares of the oil and gas company’s stock valued at $517,000 after purchasing an additional 415 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Marathon Petroleum by 36.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 263,620 shares of the oil and gas company’s stock worth $39,896,000 after purchasing an additional 71,122 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Marathon Petroleum by 121.7% during the third quarter. Mackenzie Financial Corp now owns 161,214 shares of the oil and gas company’s stock worth $23,742,000 after purchasing an additional 88,493 shares during the period. Brighton Jones LLC raised its position in shares of Marathon Petroleum by 4.2% in the third quarter. Brighton Jones LLC now owns 4,782 shares of the oil and gas company’s stock valued at $724,000 after buying an additional 193 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its position in Marathon Petroleum by 2.2% during the third quarter. IFM Investors Pty Ltd now owns 86,723 shares of the oil and gas company’s stock worth $13,125,000 after buying an additional 1,889 shares in the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

Shares of NYSE MPC traded up $0.01 during midday trading on Wednesday, hitting $180.93. 1,844,612 shares of the company’s stock were exchanged, compared to its average volume of 2,753,044. The business’s fifty day moving average price is $194.58 and its two-hundred day moving average price is $168.73. The company has a market cap of $63.75 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 1.52 and a beta of 1.55. The company has a current ratio of 1.43, a quick ratio of 0.99 and a debt-to-equity ratio of 0.85. Marathon Petroleum Co. has a 12-month low of $104.32 and a 12-month high of $221.11.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.25. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. The company had revenue of $32.71 billion during the quarter, compared to the consensus estimate of $32.07 billion. During the same period in the previous year, the firm posted $6.09 EPS. The firm’s revenue was down 6.2% compared to the same quarter last year. As a group, research analysts forecast that Marathon Petroleum Co. will post 19.96 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Thursday, May 16th will be issued a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Wednesday, May 15th. Marathon Petroleum’s dividend payout ratio is presently 16.48%.

Marathon Petroleum announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 30th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas company to buy up to 7.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

MPC has been the subject of a number of recent analyst reports. TD Cowen upped their target price on Marathon Petroleum from $168.00 to $170.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Wells Fargo & Company boosted their target price on shares of Marathon Petroleum from $214.00 to $227.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. JPMorgan Chase & Co. boosted their price objective on shares of Marathon Petroleum from $172.00 to $186.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Raymond James lifted their price target on Marathon Petroleum from $175.00 to $185.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 31st. Finally, Piper Sandler raised their price objective on Marathon Petroleum from $159.00 to $204.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $191.62.

Insider Activity at Marathon Petroleum

In other news, Director Kim K.W. Rucker sold 1,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $170.35, for a total value of $170,350.00. Following the completion of the transaction, the director now owns 23,446 shares of the company’s stock, valued at approximately $3,994,026.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by company insiders.

Marathon Petroleum Company Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.