Fifth Third Bancorp Sells 18,751 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Fifth Third Bancorp reduced its stake in Marathon Petroleum Corporation by 3.3%, owning 544,419 shares after selling 18,751 shares in the second quarter, valuing its holdings at approximately $90 million.
• Institutional investors, including Vanguard Group and Boston Partners, significantly increased their stakes in Marathon Petroleum, with Vanguard growing its holdings by 12.3% and Boston Partners by 58.5% in the first quarter.
• Marathon Petroleum's most recent earnings report exceeded analyst expectations with $3.96 EPS, and the company declared a quarterly dividend of $0.91, translating to an annual yield of 1.9%.

Fifth Third Bancorp lessened its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,419 shares of the oil and gas company's stock after selling 18,751 shares during the quarter. Fifth Third Bancorp owned about 0.18% of Marathon Petroleum worth $90,433,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MPC. Vanguard Group Inc. grew its holdings in Marathon Petroleum by 12.3% during the 1st quarter. Vanguard Group Inc. now owns 34,941,391 shares of the oil and gas company's stock valued at $5,090,611,000 after buying an additional 3,834,501 shares in the last quarter. Boston Partners grew its holdings in Marathon Petroleum by 58.5% during the 1st quarter. Boston Partners now owns 5,448,514 shares of the oil and gas company's stock valued at $791,274,000 after buying an additional 2,011,810 shares in the last quarter. Wellington Management Group LLP grew its holdings in Marathon Petroleum by 18.7% during the 1st quarter. Wellington Management Group LLP now owns 11,824,177 shares of the oil and gas company's stock valued at $1,722,664,000 after buying an additional 1,862,674 shares in the last quarter. GAMMA Investing LLC grew its holdings in Marathon Petroleum by 14,969.1% during the 1st quarter. GAMMA Investing LLC now owns 1,540,963 shares of the oil and gas company's stock valued at $224,503,000 after buying an additional 1,530,737 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Marathon Petroleum during the 1st quarter valued at approximately $147,122,000. Hedge funds and other institutional investors own 76.77% of the company's stock.

Insiders Place Their Bets

In other news, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum stock in a transaction on Friday, August 15th. The stock was sold at an average price of $163.00, for a total value of $1,773,277.00. Following the transaction, the insider directly owned 28,700 shares in the company, valued at approximately $4,678,100. This trade represents a 27.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kim K.W. Rucker sold 7,392 shares of Marathon Petroleum stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total value of $1,293,600.00. Following the completion of the transaction, the director owned 18,944 shares in the company, valued at $3,315,200. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on MPC. Citigroup raised their price target on Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Mizuho raised their price objective on Marathon Petroleum from $184.00 to $188.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. Raymond James Financial raised their price objective on Marathon Petroleum from $195.00 to $199.00 and gave the company an "outperform" rating in a research note on Tuesday, September 9th. Barclays raised their price objective on Marathon Petroleum from $159.00 to $189.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Wolfe Research lowered Marathon Petroleum from an "outperform" rating to a "peer perform" rating in a research note on Monday, July 14th. Eight analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Marathon Petroleum has a consensus rating of "Moderate Buy" and an average target price of $192.50.

Marathon Petroleum Trading Up 1.8%

Shares of NYSE MPC opened at $190.70 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15. The business has a fifty day simple moving average of $173.74 and a two-hundred day simple moving average of $159.28. The firm has a market cap of $57.98 billion, a PE ratio of 28.29, a price-to-earnings-growth ratio of 3.46 and a beta of 0.97. Marathon Petroleum Corporation has a twelve month low of $115.10 and a twelve month high of $192.61.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share for the quarter, beating analysts' consensus estimates of $3.22 by $0.74. The business had revenue of $34.10 billion during the quarter, compared to analyst estimates of $31.70 billion. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%.Marathon Petroleum's revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.12 EPS. Analysts expect that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th were issued a $0.91 dividend. The ex-dividend date was Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 1.9%. Marathon Petroleum's dividend payout ratio (DPR) is currently 54.01%.

About Marathon Petroleum

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.

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