Northern Trust Corp Raises Holdings in Magellan Midstream Partners, L.P. (MMP)

Northern Trust Corp raised its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 157,464 shares of the pipeline company’s stock after acquiring an additional 1,816 shares during the period. Northern Trust Corp owned 0.07% of Magellan Midstream Partners worth $10,877,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Global X Management Co LLC boosted its stake in Magellan Midstream Partners by 7.4% in the second quarter. Global X Management Co LLC now owns 1,218,874 shares of the pipeline company’s stock valued at $84,200,000 after acquiring an additional 83,828 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Magellan Midstream Partners during the second quarter worth approximately $19,419,000. Sei Investments Co. boosted its position in shares of Magellan Midstream Partners by 212.1% during the second quarter. Sei Investments Co. now owns 151,665 shares of the pipeline company’s stock worth $10,477,000 after buying an additional 103,070 shares during the period. Aperio Group LLC boosted its position in shares of Magellan Midstream Partners by 92.2% during the second quarter. Aperio Group LLC now owns 14,016 shares of the pipeline company’s stock worth $968,000 after buying an additional 6,725 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Magellan Midstream Partners during the second quarter worth approximately $106,000. Institutional investors own 63.22% of the company’s stock.

Several equities analysts have recently issued reports on MMP shares. ValuEngine downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Friday, September 14th. Goldman Sachs Group downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price objective for the company. in a research report on Monday, October 8th. Stifel Nicolaus boosted their price objective on Magellan Midstream Partners from $71.00 to $73.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. Jefferies Financial Group downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Finally, Barclays boosted their price objective on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Monday, August 6th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $74.44.

MMP opened at $62.56 on Friday. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.60 and a quick ratio of 0.31. Magellan Midstream Partners, L.P. has a 1-year low of $54.82 and a 1-year high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. The firm had revenue of $638.00 million during the quarter, compared to the consensus estimate of $621.97 million. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. On average, analysts predict 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 given a $0.9775 dividend. This represents a $3.91 dividend on an annualized basis and a yield of 6.25%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio is 102.62%.

In other Magellan Midstream Partners news, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total value of $377,850.00. Following the completion of the sale, the senior vice president now directly owns 20,380 shares in the company, valued at $1,400,106. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas J. May sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.69, for a total value of $343,450.00. Following the completion of the sale, the insider now owns 33,000 shares of the company’s stock, valued at $2,266,770. The disclosure for this sale can be found here. Insiders sold 40,500 shares of company stock valued at $2,786,500 over the last 90 days. 0.26% of the stock is currently owned by insiders.

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About Magellan Midstream Partners

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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Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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