First Republic Investment Management Inc. boosted its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 12.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 294,949 shares of the pipeline company’s stock after purchasing an additional 31,799 shares during the quarter. First Republic Investment Management Inc. owned about 0.13% of Magellan Midstream Partners worth $19,974,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in MMP. Cpwm LLC purchased a new stake in shares of Magellan Midstream Partners in the third quarter worth $206,000. Ancora Advisors LLC increased its stake in shares of Magellan Midstream Partners by 12.0% in the third quarter. Ancora Advisors LLC now owns 74,409 shares of the pipeline company’s stock worth $5,040,000 after purchasing an additional 7,970 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Magellan Midstream Partners in the third quarter worth $88,778,000. GSA Capital Partners LLP purchased a new stake in shares of Magellan Midstream Partners in the third quarter worth $663,000. Finally, Advisory Research Inc. increased its stake in shares of Magellan Midstream Partners by 12.0% in the third quarter. Advisory Research Inc. now owns 2,670,441 shares of the pipeline company’s stock worth $180,842,000 after purchasing an additional 286,070 shares in the last quarter. Institutional investors and hedge funds own 65.61% of the company’s stock.
In other Magellan Midstream Partners news, insider Douglas J. May sold 5,000 shares of the stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total transaction of $343,450.00. Following the completion of the transaction, the insider now owns 33,000 shares in the company, valued at $2,266,770. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the stock in a transaction on 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 owns 169,295 shares of the company’s stock, valued at approximately $11,654,267.80. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock valued at $2,786,500 over the last ninety days. 0.26% of the stock is currently owned by corporate insiders.
MMP opened at $59.18 on Friday. The firm has a market cap of $13.74 billion, a P/E ratio of 14.20, a P/E/G ratio of 2.33 and a beta of 0.81. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.82 and a fifty-two week high of $75.82. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.60 and a quick ratio of 0.44.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.07. The company had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $621.97 million. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. Magellan Midstream Partners’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the company posted $0.97 earnings per share. As a group, research analysts predict that Magellan Midstream Partners, L.P. will post 4.31 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Wednesday, November 7th were paid a dividend of $0.9775 per share. This represents a $3.91 annualized dividend and a yield of 6.61%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date was Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 102.62%.
A number of analysts have recently issued reports on MMP shares. Zacks Investment Research cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. ValuEngine raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Friday, October 19th. Citigroup reduced their price objective on shares of Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, November 2nd. Wolfe Research started coverage on shares of Magellan Midstream Partners in a research note on Tuesday, October 30th. They issued a “hold” rating for the company. Finally, Bank of America increased their price objective on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, November 5th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. Magellan Midstream Partners has an average rating of “Hold” and an average target price of $74.06.
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.
See Also: Retained Earnings
Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.