Mirae Asset Global Investments Co. Ltd. Buys 45,217 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 2.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,759,508 shares of the pipeline company’s stock after acquiring an additional 45,217 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.91% of Plains GP worth $26,094,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its stake in shares of Plains GP by 41.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,333,168 shares of the pipeline company’s stock worth $130,898,000 after acquiring an additional 3,318,007 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Plains GP by 2.1% in the 1st quarter. Clearbridge Investments LLC now owns 8,379,915 shares of the pipeline company’s stock worth $109,944,000 after acquiring an additional 168,521 shares in the last quarter. Millennium Management LLC raised its stake in Plains GP by 68.5% during the 4th quarter. Millennium Management LLC now owns 3,254,876 shares of the pipeline company’s stock worth $40,491,000 after acquiring an additional 1,322,722 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Plains GP by 31.8% in the first quarter. Allianz Asset Management GmbH now owns 3,094,335 shares of the pipeline company’s stock worth $35,740,000 after purchasing an additional 747,435 shares during the period. Finally, Morgan Stanley increased its stake in shares of Plains GP by 3.5% in the fourth quarter. Morgan Stanley now owns 2,939,897 shares of the pipeline company’s stock worth $36,572,000 after purchasing an additional 100,672 shares in the last quarter. Institutional investors own 84.45% of the company’s stock.

Plains GP Trading Down 0.4 %

Shares of Plains GP stock opened at $15.89 on Tuesday. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 16.21 and a beta of 1.59. The company has a current ratio of 0.95, a quick ratio of 0.84 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12-month low of $11.79 and a 12-month high of $16.70. The firm’s 50 day simple moving average is $15.91 and its two-hundred day simple moving average is $15.25.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were paid a $0.2675 dividend. This represents a $1.07 annualized dividend and a dividend yield of 6.73%. The ex-dividend date was Monday, October 30th. Plains GP’s payout ratio is 109.18%.

Insider Activity at Plains GP

In related news, CEO Willie Cw Chiang purchased 62,000 shares of the business’s stock in a transaction on Thursday, September 28th. The shares were bought at an average cost of $16.24 per share, with a total value of $1,006,880.00. Following the transaction, the chief executive officer now owns 318,704 shares of the company’s stock, valued at $5,175,752.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.77% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. StockNews.com downgraded shares of Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Citigroup lowered shares of Plains GP from a “buy” rating to a “neutral” rating and upped their target price for the stock from $14.00 to $15.50 in a research report on Wednesday, September 6th. The Goldman Sachs Group initiated coverage on shares of Plains GP in a report on Thursday, October 5th. They set a “sell” rating and a $13.50 price objective for the company. Barclays cut Plains GP from an “equal weight” rating to an “underweight” rating and set a $15.00 target price on the stock. in a report on Monday, September 25th. Finally, Truist Financial upped their price target on shares of Plains GP from $17.00 to $21.00 and gave the company a “buy” rating in a report on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Plains GP currently has an average rating of “Hold” and a consensus target price of $17.22.

Plains GP Company Profile

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