US Bancorp DE grew its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,517 shares of the pipeline company’s stock after buying an additional 6,098 shares during the period. US Bancorp DE owned 0.05% of Magellan Midstream Partners worth $7,823,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of MMP. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Magellan Midstream Partners during the second quarter worth $119,556,000. Tortoise Capital Advisors L.L.C. boosted its position in Magellan Midstream Partners by 2.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 15,001,029 shares of the pipeline company’s stock worth $1,036,271,000 after acquiring an additional 352,807 shares during the last quarter. Cortland Advisers LLC acquired a new position in Magellan Midstream Partners during the second quarter worth about $21,095,000. Charles Schwab Investment Advisory Inc. acquired a new position in Magellan Midstream Partners during the second quarter worth about $19,419,000. Finally, Perella Weinberg Partners Capital Management LP boosted its position in Magellan Midstream Partners by 704.2% during the second quarter. Perella Weinberg Partners Capital Management LP now owns 311,010 shares of the pipeline company’s stock worth $21,485,000 after acquiring an additional 272,335 shares during the last quarter. 63.22% of the stock is owned by hedge funds and other institutional investors.
Shares of MMP stock opened at $62.56 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.31 and a debt-to-equity ratio of 1.46. Magellan Midstream Partners, L.P. has a 12 month low of $54.82 and a 12 month high of $75.82. The stock has a market cap of $14.27 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 2.42 and a beta of 0.82.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, November 1st. The pipeline company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The company had revenue of $638.00 million for the quarter, compared to the consensus estimate of $621.97 million. During the same period in the previous year, the firm earned $0.97 earnings per share. Magellan Midstream Partners’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, research analysts anticipate that Magellan Midstream Partners, L.P. will post 4.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be paid a dividend of $0.9775 per share. The ex-dividend date of this dividend is Tuesday, November 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. This represents a $3.91 dividend on an annualized basis and a yield of 6.25%. Magellan Midstream Partners’s payout ratio is 102.62%.
In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of Magellan Midstream Partners stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the transaction, the chief executive officer now directly owns 169,295 shares of the company’s stock, valued at $11,654,267.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas J. May sold 5,000 shares of Magellan Midstream Partners stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $68.69, for a total transaction of $343,450.00. Following the transaction, the insider now directly owns 33,000 shares in the company, valued at $2,266,770. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock worth $2,786,500 over the last ninety days. 0.26% of the stock is owned by insiders.
MMP has been the topic of a number of recent research reports. Stifel Nicolaus boosted their price target on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Friday, October 19th. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Monday, July 16th. Citigroup lowered their price target on shares of Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday, November 2nd. Finally, BMO Capital Markets restated a “buy” rating and set a $85.00 price target on shares of Magellan Midstream Partners in a research report on Friday, July 13th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. Magellan Midstream Partners presently has an average rating of “Hold” and an average target price of $74.44.
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Magellan Midstream Partners Company Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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