Edge Wealth Management LLC decreased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 80.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,185 shares of the pipeline company’s stock after selling 34,500 shares during the period. Edge Wealth Management LLC’s holdings in Magellan Midstream Partners were worth $467,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Magellan Midstream Partners by 12.1% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 16,823,215 shares of the pipeline company’s stock valued at $1,139,268,000 after acquiring an additional 1,822,186 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Magellan Midstream Partners in the 3rd quarter valued at about $88,778,000. Virtus ETF Advisers LLC purchased a new position in shares of Magellan Midstream Partners in the 3rd quarter valued at about $35,875,000. Wells Fargo & Company MN increased its holdings in shares of Magellan Midstream Partners by 42.4% in the 3rd quarter. Wells Fargo & Company MN now owns 1,348,835 shares of the pipeline company’s stock valued at $91,342,000 after acquiring an additional 401,929 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Magellan Midstream Partners by 31.1% in the 3rd quarter. Deutsche Bank AG now owns 1,653,421 shares of the pipeline company’s stock valued at $111,967,000 after acquiring an additional 392,504 shares during the last quarter. 65.52% of the stock is currently owned by hedge funds and other institutional investors.
Magellan Midstream Partners stock traded down $0.76 during mid-day trading on Friday, hitting $61.67. 63,815 shares of the company were exchanged, compared to its average volume of 1,374,201. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 2.46 and a beta of 0.78. Magellan Midstream Partners, L.P. has a 12-month low of $54.25 and a 12-month high of $75.82.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. The company had revenue of $638.00 million during the quarter, compared to the consensus estimate of $621.97 million. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. Magellan Midstream Partners’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 earnings per share. On average, analysts forecast that Magellan Midstream Partners, L.P. will post 4.32 EPS for the current fiscal year.
In related news, insider Lisa J. Korner sold 10,000 shares of Magellan Midstream Partners 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 transaction, the insider now owns 73,257 shares in the company, valued at $4,259,161.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.26% of the stock is currently owned by company insiders.
A number of research analysts have recently commented on the company. ValuEngine downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, September 14th. Goldman Sachs Group downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research note on Monday, October 8th. Credit Suisse Group initiated coverage on Magellan Midstream Partners in a research note on Thursday, October 11th. They set a “neutral” rating and a $77.00 price target on the stock. Zacks Investment Research downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Finally, Bank of America raised their price target on Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, November 5th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. Magellan Midstream Partners has an average rating of “Hold” and a consensus target price of $74.06.
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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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