SG Americas Securities LLC reduced its stake in Magellan Midstream Partners (NYSE:MMP) by 27.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,583 shares of the pipeline company’s stock after selling 7,856 shares during the quarter. SG Americas Securities LLC’s holdings in Magellan Midstream Partners were worth $1,201,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. US Bancorp DE lifted its stake in shares of Magellan Midstream Partners by 0.9% in the fourth quarter. US Bancorp DE now owns 108,898 shares of the pipeline company’s stock worth $7,725,000 after acquiring an additional 964 shares during the period. Wasatch Advisors Inc. lifted its stake in Magellan Midstream Partners by 4.0% in the first quarter. Wasatch Advisors Inc. now owns 25,771 shares of the pipeline company’s stock valued at $1,504,000 after buying an additional 1,000 shares during the period. Asset Planning Services Inc. LA ADV lifted its stake in Magellan Midstream Partners by 2.9% in the fourth quarter. Asset Planning Services Inc. LA ADV now owns 42,980 shares of the pipeline company’s stock valued at $3,049,000 after buying an additional 1,200 shares during the period. Groesbeck Investment Management Corp NJ lifted its stake in Magellan Midstream Partners by 22.5% in the fourth quarter. Groesbeck Investment Management Corp NJ now owns 7,040 shares of the pipeline company’s stock valued at $499,000 after buying an additional 1,294 shares during the period. Finally, Stephens Inc. AR lifted its stake in Magellan Midstream Partners by 1.9% in the fourth quarter. Stephens Inc. AR now owns 72,859 shares of the pipeline company’s stock valued at $5,169,000 after buying an additional 1,359 shares during the period. 63.81% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on MMP shares. Mizuho reissued a “sell” rating and issued a $66.00 price target on shares of Magellan Midstream Partners in a research note on Wednesday, April 11th. UBS boosted their price target on Magellan Midstream Partners from $80.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, March 2nd. Royal Bank of Canada reissued a “hold” rating and issued a $79.00 price target on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. JPMorgan Chase reissued a “neutral” rating and issued a $75.00 price target (down from $78.00) on shares of Magellan Midstream Partners in a research note on Tuesday, March 13th. Finally, Bank of America dropped their price target on Magellan Midstream Partners from $77.00 to $71.00 and set a “buy” rating on the stock in a research note on Tuesday, March 27th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $73.67.
Magellan Midstream Partners opened at $68.72 on Wednesday, according to Marketbeat.com. The company has a market cap of $15.96 billion, a PE ratio of 18.03, a PEG ratio of 2.82 and a beta of 0.71. Magellan Midstream Partners has a 52 week low of $54.82 and a 52 week high of $75.82. The company has a quick ratio of 0.38, a current ratio of 0.63 and a debt-to-equity ratio of 2.00.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, May 3rd. The pipeline company reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.04. The firm had revenue of $679.00 million during the quarter, compared to the consensus estimate of $669.70 million. Magellan Midstream Partners had a return on equity of 41.57% and a net margin of 33.71%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 earnings per share. equities analysts anticipate that Magellan Midstream Partners will post 4.13 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 15th. Stockholders of record on Sunday, August 5th were issued a dividend of $0.9375 per share. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date was Monday, May 7th. This represents a $3.75 annualized dividend and a dividend yield of 5.46%. Magellan Midstream Partners’s payout ratio is currently 98.43%.
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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