Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Purchased by Moneta Group Investment Advisors LLC

Moneta Group Investment Advisors LLC increased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4,035.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 225,738 shares of the pipeline company’s stock after purchasing an additional 220,279 shares during the quarter. Moneta Group Investment Advisors LLC owned 0.10% of Magellan Midstream Partners worth $357,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Semmax Financial Advisors Inc. lifted its holdings in Magellan Midstream Partners by 115.6% in the first quarter. Semmax Financial Advisors Inc. now owns 10,195 shares of the pipeline company’s stock valued at $618,000 after acquiring an additional 5,466 shares during the period. RiverGlades Family Offices LLC acquired a new position in Magellan Midstream Partners in the first quarter valued at approximately $631,000. Bogart Wealth LLC lifted its holdings in Magellan Midstream Partners by 13.0% in the second quarter. Bogart Wealth LLC now owns 38,852 shares of the pipeline company’s stock valued at $2,486,000 after acquiring an additional 4,467 shares during the period. Moors & Cabot Inc. lifted its holdings in Magellan Midstream Partners by 7.5% in the second quarter. Moors & Cabot Inc. now owns 85,105 shares of the pipeline company’s stock valued at $5,447,000 after acquiring an additional 5,974 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Magellan Midstream Partners by 19.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 193,000 shares of the pipeline company’s stock valued at $11,702,000 after acquiring an additional 32,000 shares during the period. 69.90% of the stock is owned by hedge funds and other institutional investors.

Shares of MMP stock traded down $0.14 during trading hours on Thursday, hitting $65.43. 9,418 shares of the company’s stock were exchanged, compared to its average volume of 866,294. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.73. The firm has a market cap of $14.97 billion, a P/E ratio of 15.40, a P/E/G ratio of 2.50 and a beta of 0.72. The firm has a 50 day moving average of $65.89 and a two-hundred day moving average of $63.13. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $69.44.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.13. The business had revenue of $701.70 million during the quarter, compared to the consensus estimate of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 EPS. On average, equities analysts forecast that Magellan Midstream Partners, L.P. will post 4.37 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a dividend of $1.013 per share. This represents a $4.05 annualized dividend and a dividend yield of 6.19%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, August 6th. Magellan Midstream Partners’s dividend payout ratio is presently 95.29%.

In related news, insider Jeff R. Selvidge sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the completion of the sale, the insider now directly owns 17,897 shares in the company, valued at $1,188,002.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Chansoo Joung purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were purchased at an average price of $67.28 per share, with a total value of $336,400.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $336,400. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company’s stock.

A number of brokerages have issued reports on MMP. Raymond James boosted their price target on Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Stifel Nicolaus boosted their price target on Magellan Midstream Partners from $62.00 to $68.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Bank of America boosted their price target on Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Johnson Rice began coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price target for the company. Finally, Credit Suisse Group boosted their price target on Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $69.00.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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

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