Parkside Financial Bank & Trust reduced its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 18.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,901 shares of the pipeline company’s stock after selling 5,011 shares during the period. Parkside Financial Bank & Trust’s holdings in Magellan Midstream Partners were worth $1,517,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of MMP. Manchester Financial Inc. bought a new position in shares of Magellan Midstream Partners in the second quarter worth approximately $25,000. B & T Capital Management DBA Alpha Capital Management bought a new position in shares of Magellan Midstream Partners in the third quarter worth approximately $30,000. Venturi Wealth Management LLC bought a new position in shares of Magellan Midstream Partners in the third quarter worth approximately $34,000. Mechanics Bank Trust Department bought a new position in shares of Magellan Midstream Partners in the third quarter worth approximately $40,000. Finally, Weaver Consulting Group bought a new position in shares of Magellan Midstream Partners in the second quarter worth approximately $41,000. Institutional investors and hedge funds own 66.17% of the company’s stock.
NYSE:MMP traded up $1.07 during trading hours on Friday, hitting $60.62. The company had a trading volume of 1,148,894 shares, compared to its average volume of 867,353. The company has a market capitalization of $13.60 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 2.31 and a beta of 0.71. The stock has a 50-day moving average price of $64.75 and a 200 day moving average price of $64.21. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $67.75. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.83 and a quick ratio of 0.53.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, October 31st. The pipeline company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.10. The business had revenue of $656.60 million for 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%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.10 earnings per share. Analysts anticipate that Magellan Midstream Partners, L.P. will post 4.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, November 7th will be issued a $1.02 dividend. The ex-dividend date is Wednesday, November 6th. This represents a $4.08 annualized dividend and a yield of 6.73%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.01. Magellan Midstream Partners’s payout ratio is 96.00%.
Several research analysts have recently issued reports on MMP shares. Raymond James raised their target price on shares of Magellan Midstream Partners from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Stifel Nicolaus set a $70.00 target price on shares of Magellan Midstream Partners and gave the stock a “hold” rating in a report on Friday, November 1st. ValuEngine cut shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Credit Suisse Group raised their target price on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Finally, Bank of America cut shares of Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a report on Monday, November 4th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $68.27.
In related news, Director Chansoo Joung purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were acquired at an average price of $67.28 per share, for a total transaction of $336,400.00. Following the completion of the acquisition, the director now directly owns 5,000 shares in the company, valued at approximately $336,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeff R. Selvidge sold 7,000 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $66.38, for a total value 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. Insiders own 0.26% of the company’s stock.
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.
Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP).
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.