Brown Advisory Inc. boosted its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 225,396 shares of the pipeline company’s stock after acquiring an additional 1,278 shares during the quarter. Brown Advisory Inc.’s holdings in Magellan Midstream Partners were worth $12,862,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in MMP. Howe & Rusling Inc. grew its holdings in Magellan Midstream Partners by 155.1% in the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock valued at $27,000 after purchasing an additional 287 shares during the period. AdvisorNet Financial Inc grew its holdings in Magellan Midstream Partners by 132.8% in the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 304 shares during the period. Arlington Partners LLC purchased a new stake in Magellan Midstream Partners in the fourth quarter valued at approximately $40,000. Bremer Trust National Association purchased a new stake in Magellan Midstream Partners in the fourth quarter valued at approximately $42,000. Finally, Essex Savings Bank purchased a new stake in Magellan Midstream Partners during the fourth quarter worth approximately $52,000. Hedge funds and other institutional investors own 66.69% of the company’s stock.
Several equities research analysts have issued reports on the stock. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, March 7th. Mizuho assumed coverage on shares of Magellan Midstream Partners in a research note on Wednesday, November 28th. They set a “neutral” rating and a $67.00 price objective for the company. Zacks Investment Research downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Bank of America downgraded shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $69.00 to $62.00 in a research note on Wednesday, February 27th. Finally, Citigroup set a $70.00 price objective on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $69.88.
Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, January 31st. The pipeline company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.13). The firm had revenue of $865.68 million during the quarter, compared to analysts’ expectations of $710.21 million. Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. On average, research analysts predict that Magellan Midstream Partners, L.P. will post 4.06 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 14th. Stockholders of record on Thursday, February 7th were paid a $0.9775 dividend. The ex-dividend date of this dividend was Wednesday, February 6th. This represents a $3.91 annualized dividend and a dividend yield of 6.50%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 93.88%.
In related news, insider Lisa J. Korner sold 6,958 shares of the company’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $59.29, for a total value of $412,539.82. Following the sale, the insider now directly owns 74,517 shares of the company’s stock, valued at $4,418,112.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert G. Croyle sold 2,119 shares of the company’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total transaction of $127,012.86. Following the completion of the sale, the director now directly owns 3,758 shares in the company, valued at $225,254.52. The disclosure for this sale can be found here. Insiders sold 43,696 shares of company stock valued at $2,597,682 over the last 90 days. Insiders own 0.26% of the company’s stock.
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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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