Russell Investments Group Ltd. trimmed its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 411,781 shares of the pipeline company’s stock after selling 8,885 shares during the period. Russell Investments Group Ltd. owned 0.18% of Magellan Midstream Partners worth $27,295,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMP. Manchester Financial Inc. purchased a new position in Magellan Midstream Partners during the 2nd quarter worth approximately $25,000. B & T Capital Management DBA Alpha Capital Management purchased a new position in Magellan Midstream Partners during the 3rd quarter worth approximately $30,000. Venturi Wealth Management LLC purchased a new position in Magellan Midstream Partners during the 3rd quarter worth approximately $34,000. Mechanics Bank Trust Department purchased a new position in Magellan Midstream Partners during the 3rd quarter worth approximately $40,000. Finally, Weaver Consulting Group purchased a new position in Magellan Midstream Partners during the 2nd quarter worth approximately $41,000. Hedge funds and other institutional investors own 66.17% of the company’s stock.
MMP has been the topic of several research analyst reports. Stifel Nicolaus set a $70.00 price objective on shares of Magellan Midstream Partners and gave the stock a “hold” rating in a research report on Friday, November 1st. Bank of America cut shares of Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a report on Monday. Raymond James boosted their price target on shares of Magellan Midstream Partners from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Credit Suisse Group boosted their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Finally, ValuEngine cut shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $68.27.
Shares of NYSE:MMP opened at $59.55 on Friday. The stock has a market capitalization of $13.60 billion, a PE ratio of 14.01, a P/E/G ratio of 2.31 and a beta of 0.71. Magellan Midstream Partners, L.P. has a 1 year low of $54.25 and a 1 year high of $67.75. The firm has a fifty day moving average price of $64.86 and a 200 day moving average price of $64.21. The company has a current ratio of 0.83, a quick ratio of 0.53 and a debt-to-equity ratio of 1.81.
Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, October 31st. The pipeline company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.10. The firm had revenue of $656.60 million during the quarter, compared to analysts’ expectations of $673.05 million. Magellan Midstream Partners had a net margin of 36.75% and a return on equity of 38.78%. Magellan Midstream Partners’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.10 earnings per share. On average, sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 4.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be given a dividend of $1.02 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.01. The ex-dividend date is Wednesday, November 6th. This represents a $4.08 dividend on an annualized basis and a yield of 6.85%. Magellan Midstream Partners’s payout ratio is currently 95.29%.
In other news, Director Chansoo Joung bought 5,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was purchased at an average price of $67.28 per share, with a total value of $336,400.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $336,400. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeff R. Selvidge sold 7,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the transaction, the insider now directly owns 17,897 shares of the company’s stock, valued at approximately $1,188,002.86. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.
Magellan Midstream Partners Profile
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
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