Noesis Capital Mangement Corp Decreases Stock Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Noesis Capital Mangement Corp reduced its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 5.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,540 shares of the pipeline company’s stock after selling 850 shares during the period. Noesis Capital Mangement Corp’s holdings in Magellan Midstream Partners were worth $867,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Homrich & Berg raised its stake in Magellan Midstream Partners by 8.2% during the 2nd quarter. Homrich & Berg now owns 27,897 shares of the pipeline company’s stock worth $1,785,000 after acquiring an additional 2,104 shares in the last quarter. Pegasus Asset Management Inc. raised its stake in Magellan Midstream Partners by 3.5% during the 2nd quarter. Pegasus Asset Management Inc. now owns 42,216 shares of the pipeline company’s stock worth $2,702,000 after acquiring an additional 1,420 shares in the last quarter. Bbva USA Bancshares Inc. raised its stake in Magellan Midstream Partners by 4.7% during the 2nd quarter. Bbva USA Bancshares Inc. now owns 7,702 shares of the pipeline company’s stock worth $493,000 after acquiring an additional 349 shares in the last quarter. Heritage Wealth Advisors raised its stake in Magellan Midstream Partners by 1.2% during the 2nd quarter. Heritage Wealth Advisors now owns 21,268 shares of the pipeline company’s stock worth $1,361,000 after acquiring an additional 257 shares in the last quarter. Finally, National Asset Management Inc. raised its stake in Magellan Midstream Partners by 14.5% during the 2nd quarter. National Asset Management Inc. now owns 5,679 shares of the pipeline company’s stock worth $364,000 after acquiring an additional 720 shares in the last quarter. 70.17% of the stock is owned by institutional investors and hedge funds.

In other news, Director Chansoo Joung purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were acquired at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the completion of the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $336,400. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeff R. Selvidge sold 7,000 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the transaction, the insider now owns 17,897 shares in the company, valued at $1,188,002.86. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

NYSE MMP traded down $0.62 during trading on Thursday, reaching $66.58. The company’s stock had a trading volume of 12,195 shares, compared to its average volume of 868,451. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. The firm has a market cap of $15.34 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 2.69 and a beta of 0.74. Magellan Midstream Partners, L.P. has a twelve month low of $54.25 and a twelve month high of $71.05. The business’s fifty day moving average price is $65.71 and its 200-day moving average price is $62.40.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. The company had revenue of $701.70 million for the quarter, compared to analyst estimates of $658.67 million. Magellan Midstream Partners had a net margin of 48.33% and a return on equity of 38.48%. Magellan Midstream Partners’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 earnings per share. As a group, sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were paid a $1.013 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 dividend on an annualized basis and a yield of 6.09%. Magellan Midstream Partners’s payout ratio is currently 95.29%.

MMP has been the topic of several research analyst reports. Raymond James lifted their price target on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Credit Suisse Group lifted their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Johnson Rice initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price target on the stock. Stifel Nicolaus lifted their price target on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Finally, Bank of America lifted their price target on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target 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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