Mirae Asset Global Investments Co. Ltd. Sells 125,962 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 8.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,368,514 shares of the pipeline company's stock after selling 125,962 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.70% of Plains GP worth $21,828,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PAGP. Spire Wealth Management lifted its position in Plains GP by 63.2% in the third quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company's stock valued at $41,000 after purchasing an additional 983 shares during the period. Rational Advisors LLC acquired a new stake in Plains GP in the third quarter valued at about $43,000. Allworth Financial LP acquired a new stake in Plains GP in the third quarter valued at about $48,000. Geneos Wealth Management Inc. lifted its position in Plains GP by 60.6% in the first quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company's stock valued at $39,000 after purchasing an additional 1,300 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Plains GP by 95.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,475 shares of the pipeline company's stock valued at $56,000 after purchasing an additional 1,697 shares during the period. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Stock Down 1.1 %

NYSE:PAGP traded down $0.21 on Wednesday, reaching $19.10. The stock had a trading volume of 1,698,065 shares, compared to its average volume of 2,253,002. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average of $17.43 and a 200 day moving average of $16.47. The stock has a market cap of $3.76 billion, a P/E ratio of 18.73 and a beta of 1.55. Plains GP Holdings, L.P. has a 12-month low of $12.59 and a 12-month high of $19.77.

Plains GP (NYSE:PAGP - Get Free Report) last issued its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.06). Plains GP had a return on equity of 1.33% and a net margin of 0.41%. The company had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.88 billion. On average, research analysts predict that Plains GP Holdings, L.P. will post 1.56 earnings per share for the current year.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a yield of 6.65%. Plains GP's dividend payout ratio is currently 124.51%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PAGP shares. StockNews.com upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Monday, March 4th. Scotiabank assumed coverage on shares of Plains GP in a research report on Monday. They set a "sector outperform" rating and a $23.00 price target for the company. Finally, Citigroup lifted their price target on shares of Plains GP from $16.50 to $17.50 and gave the company a "neutral" rating in a research report on Friday, March 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Plains GP currently has an average rating of "Moderate Buy" and a consensus price target of $18.13.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.