Cowen Inc. Sells 854 Shares of Magellan Midstream Partners L.P. (MMP)

Cowen Inc. lowered its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,130 shares of the pipeline company’s stock after selling 854 shares during the period. Cowen Inc.’s holdings in Magellan Midstream Partners L.P. were worth $936,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Founders Capital Management purchased a new stake in shares of Magellan Midstream Partners L.P. during the first quarter worth $109,000. Catalyst Capital Advisors LLC lifted its position in shares of Magellan Midstream Partners L.P. by 23.7% during the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after acquiring an additional 300 shares in the last quarter. NEXT Financial Group Inc lifted its position in shares of Magellan Midstream Partners L.P. by 7.5% during the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after acquiring an additional 126 shares in the last quarter. AlphaMark Advisors LLC lifted its position in shares of Magellan Midstream Partners L.P. by 444.9% during the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock worth $148,000 after acquiring an additional 1,575 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. lifted its position in shares of Magellan Midstream Partners L.P. by 4.6% during the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 60.80% of the company’s stock.

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Magellan Midstream Partners L.P. (MMP) traded down 0.03% on Tuesday, reaching $69.68. The company had a trading volume of 188,847 shares. The stock’s 50 day moving average price is $67.76 and its 200-day moving average price is $72.44. Magellan Midstream Partners L.P. has a 12-month low of $63.92 and a 12-month high of $81.77. The stock has a market capitalization of $15.89 billion, a PE ratio of 18.89 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. The company had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 EPS. Equities analysts expect that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were issued a $0.89 dividend. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date was Thursday, July 27th. Magellan Midstream Partners L.P.’s payout ratio is currently 96.74%.

MMP has been the topic of several recent research reports. Jefferies Group LLC restated a “hold” rating and set a $70.00 target price (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research report on Sunday, September 3rd. Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $88.00 to $77.00 in a research report on Tuesday, July 18th. BidaskClub upgraded Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Royal Bank Of Canada restated a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, June 20th. Finally, UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $79.19.

Magellan Midstream Partners L.P. Company Profile

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

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