Morningstar Investment Services LLC Has $17.48 Million Stock Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Morningstar Investment Services LLC increased its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 10.2% during the second quarter, HoldingsChannel reports. The fund owned 273,075 shares of the pipeline company’s stock after acquiring an additional 25,280 shares during the quarter. Morningstar Investment Services LLC’s holdings in Magellan Midstream Partners were worth $17,477,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MMP. Huntington National Bank grew its holdings in shares of Magellan Midstream Partners by 0.5% during the 2nd quarter. Huntington National Bank now owns 31,373 shares of the pipeline company’s stock worth $2,008,000 after purchasing an additional 160 shares in the last quarter. AGF Investments LLC increased its position in shares of Magellan Midstream Partners by 30.6% during the second quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock valued at $50,000 after purchasing an additional 182 shares during the period. FTB Advisors Inc. raised its stake in shares of Magellan Midstream Partners by 5.7% in the second quarter. FTB Advisors Inc. now owns 3,591 shares of the pipeline company’s stock valued at $230,000 after purchasing an additional 193 shares in the last quarter. Adell Harriman & Carpenter Inc. raised its stake in shares of Magellan Midstream Partners by 2.5% in the first quarter. Adell Harriman & Carpenter Inc. now owns 8,198 shares of the pipeline company’s stock valued at $497,000 after purchasing an additional 200 shares in the last quarter. Finally, Rothschild Investment Corp IL lifted its position in Magellan Midstream Partners by 0.4% in the second quarter. Rothschild Investment Corp IL now owns 49,300 shares of the pipeline company’s stock worth $3,155,000 after purchasing an additional 200 shares during the period. 69.90% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have issued reports on MMP shares. ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Tuesday. Bank of America raised their price objective on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Raymond James lifted their target price on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Credit Suisse Group upped their target price on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Finally, Johnson Rice started coverage on shares of Magellan Midstream Partners in a research report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price target for the company. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $69.00.

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

MMP stock traded up $0.14 during trading on Wednesday, hitting $65.48. 16,792 shares of the stock traded hands, compared to its average volume of 668,044. Magellan Midstream Partners, L.P. has a one year low of $54.25 and a one year high of $69.44. The stock has a market cap of $14.92 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 2.50 and a beta of 0.72. The company has a 50 day simple moving average of $65.90 and a 200 day simple moving average of $63.10. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73.

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

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a dividend of $1.013 per share. This represents a $4.05 dividend on an annualized basis 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 of this dividend was Tuesday, August 6th. Magellan Midstream Partners’s payout ratio is 95.29%.

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.

Further Reading: Net Asset Value

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

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