Comerica Securities Inc. raised its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 72.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,127 shares of the pipeline company’s stock after purchasing an additional 2,152 shares during the quarter. Comerica Securities Inc.’s holdings in Magellan Midstream Partners were worth $293,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MMP. Northstar Investment Advisors LLC boosted its stake in shares of Magellan Midstream Partners by 2.5% during the 3rd quarter. Northstar Investment Advisors LLC now owns 116,405 shares of the pipeline company’s stock worth $7,883,000 after acquiring an additional 2,890 shares during the period. United Income Inc. bought a new position in shares of Magellan Midstream Partners during the 4th quarter worth approximately $986,000. Captrust Financial Advisors boosted its stake in shares of Magellan Midstream Partners by 1,535.4% during the 3rd quarter. Captrust Financial Advisors now owns 40,099 shares of the pipeline company’s stock worth $2,716,000 after acquiring an additional 37,647 shares during the period. Rothschild Investment Corp IL boosted its stake in shares of Magellan Midstream Partners by 29.9% during the 4th quarter. Rothschild Investment Corp IL now owns 49,100 shares of the pipeline company’s stock worth $2,802,000 after acquiring an additional 11,300 shares during the period. Finally, Independent Advisor Alliance boosted its stake in shares of Magellan Midstream Partners by 8.2% during the 3rd quarter. Independent Advisor Alliance now owns 29,283 shares of the pipeline company’s stock worth $1,650,000 after acquiring an additional 2,229 shares during the period. Hedge funds and other institutional investors own 65.61% of the company’s stock.
Several research analysts have recently commented on the company. Citigroup set a $70.00 target price on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Barclays reduced their target price on Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, November 2nd. Wells Fargo & Co reduced their target price on Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating for the company in a research note on Tuesday, November 6th. Jefferies Financial Group downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Finally, Evercore ISI assumed coverage on Magellan Midstream Partners in a research note on Tuesday, February 5th. They set an “outperform” rating for the company. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $71.61.
In related news, insider Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction on Monday, December 10th. The stock was sold at an average price of $58.14, for a total value of $581,400.00. Following the completion of the sale, the insider now directly owns 73,257 shares in the company, valued at approximately $4,259,161.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.26% of the company’s stock.
MMP opened at $58.91 on Thursday. The firm has a market capitalization of $13.33 billion, a P/E ratio of 13.86, a PEG ratio of 2.33 and a beta of 0.85. Magellan Midstream Partners, L.P. has a 1 year low of $54.25 and a 1 year high of $72.90. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, January 31st. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.13). The firm had revenue of $865.68 million during the quarter, compared to the consensus estimate of $710.21 million. Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 42.53%. On average, research analysts expect that Magellan Midstream Partners, L.P. will post 4.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 14th. Investors of record on Thursday, February 7th will be paid a $0.9775 dividend. The ex-dividend date is Wednesday, February 6th. This represents a $3.91 annualized dividend and a yield of 6.64%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 93.88%.
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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.
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