Ameriprise Financial Inc. Reduces Position in Magellan Midstream Partners L.P. (MMP)

Ameriprise Financial Inc. reduced its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 4.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,238 shares of the pipeline company’s stock after selling 7,142 shares during the period. Ameriprise Financial Inc. owned about 0.06% of Magellan Midstream Partners L.P. worth $10,046,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Tortoise Capital Advisors L.L.C. raised its position in shares of Magellan Midstream Partners L.P. by 0.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 13,521,564 shares of the pipeline company’s stock valued at $963,682,000 after acquiring an additional 62,371 shares in the last quarter. UBS Group AG raised its position in shares of Magellan Midstream Partners L.P. by 8.3% during the 1st quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after acquiring an additional 453,671 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Magellan Midstream Partners L.P. by 1.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,821,134 shares of the pipeline company’s stock valued at $272,333,000 after acquiring an additional 57,597 shares in the last quarter. Bank of Montreal Can raised its position in shares of Magellan Midstream Partners L.P. by 34.7% during the 2nd quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock valued at $141,505,000 after acquiring an additional 511,367 shares in the last quarter. Finally, Creative Planning raised its position in shares of Magellan Midstream Partners L.P. by 5.3% during the 2nd quarter. Creative Planning now owns 1,705,751 shares of the pipeline company’s stock valued at $121,569,000 after acquiring an additional 85,731 shares in the last quarter. 60.87% of the stock is currently owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. (MMP) opened at 70.39 on Friday. The company has a market cap of $16.05 billion, a PE ratio of 19.09 and a beta of 0.79. Magellan Midstream Partners L.P. has a 1-year low of $63.92 and a 1-year high of $81.77. The stock has a 50 day moving average price of $69.63 and a 200 day moving average price of $71.39.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The firm had revenue of $619.40 million during the quarter, compared to the consensus estimate of $561.70 million. During the same quarter in the previous year, the company posted $0.82 EPS. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.90 earnings per share for the current year.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of Magellan Midstream Partners L.P. stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the transaction, the insider now owns 19,653 shares in the company, valued at approximately $1,388,287.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

A number of research analysts recently commented on the company. BidaskClub downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Zacks Investment Research downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Mizuho downgraded Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $74.00 to $72.00 in a research note on Monday, July 10th. Royal Bank Of Canada restated a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Finally, Stifel Nicolaus restated a “hold” rating and set a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $79.04.

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About Magellan Midstream Partners L.P.

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

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