Ipswich Investment Management Co. Inc. Has $650,000 Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Ipswich Investment Management Co. Inc. decreased its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,045 shares of the pipeline company’s stock after selling 250 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Magellan Midstream Partners were worth $650,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in MMP. Harvest Fund Advisors LLC lifted its holdings in Magellan Midstream Partners by 57.3% during the 1st quarter. Harvest Fund Advisors LLC now owns 7,403,683 shares of the pipeline company’s stock valued at $270,160,000 after purchasing an additional 2,696,999 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Magellan Midstream Partners by 131.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,837,904 shares of the pipeline company’s stock valued at $103,555,000 after purchasing an additional 1,609,983 shares during the last quarter. Morgan Stanley increased its position in Magellan Midstream Partners by 24.2% during the 1st quarter. Morgan Stanley now owns 4,809,428 shares of the pipeline company’s stock worth $175,496,000 after buying an additional 936,838 shares during the period. Janus Henderson Group PLC increased its position in Magellan Midstream Partners by 11.9% during the 1st quarter. Janus Henderson Group PLC now owns 7,648,090 shares of the pipeline company’s stock worth $279,079,000 after buying an additional 811,306 shares during the period. Finally, Chickasaw Capital Management LLC increased its position in Magellan Midstream Partners by 24.7% during the 1st quarter. Chickasaw Capital Management LLC now owns 3,666,934 shares of the pipeline company’s stock worth $133,806,000 after buying an additional 725,837 shares during the period. 65.15% of the stock is owned by institutional investors and hedge funds.

In other Magellan Midstream Partners news, Director Chansoo Joung bought 13,370 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were purchased at an average price of $42.11 per share, for a total transaction of $563,010.70. Following the completion of the transaction, the director now directly owns 20,280 shares in the company, valued at approximately $853,990.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Several research analysts have weighed in on the company. Wells Fargo & Co lowered their price objective on Magellan Midstream Partners from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. SunTrust Banks upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $65.00 to $50.00 in a research report on Monday, March 23rd. UBS Group lowered their price objective on Magellan Midstream Partners from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Raymond James lowered their price objective on Magellan Midstream Partners from $69.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, March 12th. Finally, Morgan Stanley increased their price objective on Magellan Midstream Partners from $43.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and sixteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $53.00.

Magellan Midstream Partners stock traded down $0.51 during midday trading on Thursday, reaching $42.00. The company’s stock had a trading volume of 84,494 shares, compared to its average volume of 1,414,905. Magellan Midstream Partners, L.P. has a 52 week low of $22.02 and a 52 week high of $67.75. The company has a current ratio of 0.37, a quick ratio of 0.31 and a debt-to-equity ratio of 1.69. The business has a 50-day moving average price of $44.39 and a 200-day moving average price of $49.00. The stock has a market cap of $9.45 billion, a PE ratio of 8.73 and a beta of 1.05.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Friday, May 1st. The pipeline company reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.25. Magellan Midstream Partners had a return on equity of 43.14% and a net margin of 38.20%. The firm had revenue of $782.80 million for the quarter, compared to analysts’ expectations of $676.67 million. During the same quarter in the previous year, the business posted $1.06 earnings per share. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. As a group, research analysts predict that Magellan Midstream Partners, L.P. will post 3.85 EPS for the current fiscal year.

Magellan Midstream Partners 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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