Magellan Midstream Partners L.P. (MMP) Position Trimmed by Sigma Planning Corp

Sigma Planning Corp decreased its holdings in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 6.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,892 shares of the pipeline company’s stock after selling 1,266 shares during the quarter. Sigma Planning Corp’s holdings in Magellan Midstream Partners L.P. were worth $1,271,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bogart Wealth LLC raised its stake in Magellan Midstream Partners L.P. by 56.6% during the second quarter. Bogart Wealth LLC now owns 21,614 shares of the pipeline company’s stock worth $1,540,000 after acquiring an additional 7,811 shares in the last quarter. Cetera Investment Advisers acquired a new position in Magellan Midstream Partners L.P. during the second quarter worth about $1,414,000. Brighton Jones LLC increased its stake in shares of Magellan Midstream Partners L.P. by 0.8% in the second quarter. Brighton Jones LLC now owns 5,581 shares of the pipeline company’s stock valued at $398,000 after buying an additional 46 shares during the period. Conning Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 6.1% in the third quarter. Conning Inc. now owns 204,415 shares of the pipeline company’s stock valued at $14,526,000 after buying an additional 11,752 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Magellan Midstream Partners L.P. by 5.2% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 7,081 shares of the pipeline company’s stock valued at $492,000 after buying an additional 350 shares during the period. 61.45% of the stock is owned by hedge funds and other institutional investors.

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Several research analysts have recently issued reports on MMP shares. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Tuesday, July 18th. Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $88.00 to $77.00 in a research note on Tuesday, July 18th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $79.04.

Magellan Midstream Partners L.P. (NYSE:MMP) traded down $0.92 during trading hours on Wednesday, reaching $65.30. 1,024,000 shares of the company’s stock were exchanged, compared to its average volume of 684,425. The firm has a market cap of $14,900.00, a P/E ratio of 17.38, a PEG ratio of 2.23 and a beta of 0.78. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.50 and a quick ratio of 0.29. Magellan Midstream Partners L.P. has a twelve month low of $63.92 and a twelve month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.02. The business had revenue of $551.80 million during the quarter, compared to the consensus estimate of $610.12 million. Magellan Midstream Partners L.P. had a net margin of 34.50% and a return on equity of 40.99%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. research analysts expect that Magellan Midstream Partners L.P. will post 3.9 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Thursday, November 2nd were given a dividend of $0.905 per share. This represents a $3.62 dividend on an annualized basis and a yield of 5.54%. The ex-dividend date of this dividend was Wednesday, November 1st. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 97.84%.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the transaction, the insider now directly owns 19,653 shares in the company, valued at approximately $1,388,287.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is currently owned by corporate insiders.

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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