Victory Capital Management Inc. Sells 219,560 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Victory Capital Management Inc. trimmed its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 20.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 829,670 shares of the pipeline company's stock after selling 219,560 shares during the quarter. Victory Capital Management Inc. owned approximately 0.42% of Plains GP worth $15,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in Plains GP by 3.8% in the first quarter. Russell Investments Group Ltd. now owns 70,710 shares of the pipeline company's stock worth $1,290,000 after purchasing an additional 2,582 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Plains GP by 27.7% during the first quarter. Advisors Asset Management Inc. now owns 22,651 shares of the pipeline company's stock valued at $413,000 after buying an additional 4,920 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Plains GP by 13.7% during the first quarter. Westwood Holdings Group Inc. now owns 5,280,460 shares of the pipeline company's stock valued at $96,368,000 after buying an additional 634,929 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of Plains GP during the first quarter valued at approximately $1,669,000. Finally, California State Teachers Retirement System boosted its position in Plains GP by 0.9% in the first quarter. California State Teachers Retirement System now owns 176,647 shares of the pipeline company's stock worth $3,224,000 after purchasing an additional 1,521 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Up 1.3 %

NYSE:PAGP traded up $0.24 during trading hours on Wednesday, reaching $18.81. 1,338,794 shares of the company traded hands, compared to its average volume of 1,742,919. Plains GP Holdings, L.P. has a 1 year low of $14.93 and a 1 year high of $20.10. The business's 50-day moving average price is $18.43 and its two-hundred day moving average price is $18.57. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $3.71 billion, a P/E ratio of 21.98 and a beta of 1.54.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a dividend yield of 6.75%. The ex-dividend date of this dividend was Thursday, October 31st. Plains GP's payout ratio is currently 149.41%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley lowered Plains GP from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Friday, October 25th. StockNews.com raised Plains GP from a "hold" rating to a "buy" rating in a report on Friday, November 8th. Finally, Wolfe Research upgraded Plains GP to a "hold" rating in a research report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Plains GP presently has an average rating of "Hold" and an average price target of $19.88.

Plains GP Profile

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.