Dividend Assets Capital LLC Has $55.30 Million Holdings in Magellan Midstream Partners, L.P. (MMP)

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Dividend Assets Capital LLC reduced its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 816,549 shares of the pipeline company’s stock after selling 34,153 shares during the period. Magellan Midstream Partners comprises about 7.1% of Dividend Assets Capital LLC’s holdings, making the stock its 2nd largest position. Dividend Assets Capital LLC owned approximately 0.36% of Magellan Midstream Partners worth $55,297,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Pegasus Asset Management Inc. boosted its stake in shares of Magellan Midstream Partners by 4.5% during the 3rd quarter. Pegasus Asset Management Inc. now owns 36,427 shares of the pipeline company’s stock worth $2,467,000 after acquiring an additional 1,566 shares in the last quarter. Warren Averett Asset Management LLC bought a new stake in shares of Magellan Midstream Partners during the 3rd quarter worth about $202,000. LVW Advisors LLC boosted its stake in shares of Magellan Midstream Partners by 38.6% during the 3rd quarter. LVW Advisors LLC now owns 5,300 shares of the pipeline company’s stock worth $359,000 after acquiring an additional 1,475 shares in the last quarter. Hutner Capital Management Inc. boosted its stake in shares of Magellan Midstream Partners by 73.0% during the 3rd quarter. Hutner Capital Management Inc. now owns 7,785 shares of the pipeline company’s stock worth $527,000 after acquiring an additional 3,285 shares in the last quarter. Finally, HL Financial Services LLC bought a new stake in shares of Magellan Midstream Partners during the 3rd quarter worth about $327,000. 63.22% of the stock is currently owned by institutional investors.

Shares of NYSE:MMP opened at $62.52 on Wednesday. Magellan Midstream Partners, L.P. has a twelve month low of $54.82 and a twelve month high of $75.82. The company has a market cap of $14.00 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82. The company has a quick ratio of 0.31, a current ratio of 0.54 and a debt-to-equity ratio of 2.04.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a return on equity of 45.36% and a net margin of 47.75%. The firm had revenue of $638.00 million during the quarter, compared to the consensus estimate of $621.97 million. During the same quarter in the prior year, the company earned $0.97 EPS. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, equities research analysts forecast that Magellan Midstream Partners, L.P. will post 4.36 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Wednesday, November 7th will be paid a dividend of $0.9775 per share. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $3.91 annualized dividend and a yield of 6.25%. Magellan Midstream Partners’s dividend payout ratio is presently 100.52%.

Several analysts have recently issued reports on the company. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Stifel Nicolaus upped their price target on Magellan Midstream Partners from $71.00 to $73.00 and gave the stock a “hold” rating in a research note on Friday, August 3rd. Barclays upped their price target on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Monday, August 6th. Zacks Investment Research downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, BMO Capital Markets restated a “buy” rating and set a $85.00 target price on shares of Magellan Midstream Partners in a research note on Friday, July 13th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $74.44.

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 transaction, the senior vice president now owns 20,380 shares of the company’s stock, valued at approximately $1,400,106. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Douglas J. May sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total value of $343,450.00. Following the completion of the transaction, the insider now directly owns 33,000 shares of the company’s stock, valued at approximately $2,266,770. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,500 shares of company stock valued at $2,786,500. Insiders own 0.26% of the company’s stock.

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

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