Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 27.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 262,003 shares of the pipeline company’s stock after selling 101,585 shares during the quarter. PNC Financial Services Group Inc. owned 0.12% of Magellan Midstream Partners worth $9,561,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Lindbrook Capital LLC grew its stake in shares of Magellan Midstream Partners by 9.8% during the 4th quarter. Lindbrook Capital LLC now owns 1,897 shares of the pipeline company’s stock worth $119,000 after purchasing an additional 170 shares during the period. AlphaMark Advisors LLC grew its stake in shares of Magellan Midstream Partners by 15.3% during the 4th quarter. AlphaMark Advisors LLC now owns 1,504 shares of the pipeline company’s stock worth $95,000 after purchasing an additional 200 shares during the period. Firestone Capital Management purchased a new position in shares of Magellan Midstream Partners during the 4th quarter valued at approximately $357,000. Cutter & CO Brokerage Inc. lifted its position in shares of Magellan Midstream Partners by 1.1% during the 4th quarter. Cutter & CO Brokerage Inc. now owns 20,593 shares of the pipeline company’s stock valued at $1,295,000 after buying an additional 220 shares in the last quarter. Finally, Usca Ria LLC lifted its position in shares of Magellan Midstream Partners by 1.0% during the 4th quarter. Usca Ria LLC now owns 24,596 shares of the pipeline company’s stock valued at $1,546,000 after buying an additional 233 shares in the last quarter. 64.93% of the stock is currently owned by institutional investors and hedge funds.

Shares of MMP opened at $44.36 on Friday. 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 market capitalization of $9.92 billion, a PE ratio of 9.22 and a beta of 1.04. The stock has a fifty day simple moving average of $40.20 and a two-hundred day simple moving average of $52.82. The company has a quick ratio of 0.31, a current ratio of 0.37 and a debt-to-equity ratio of 1.69.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Friday, May 1st. The pipeline company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $782.80 million during the quarter, compared to the consensus estimate of $676.67 million. During the same period last year, the company earned $1.06 EPS. The company’s revenue for the quarter was up 24.5% on a year-over-year basis. As a group, equities analysts anticipate that Magellan Midstream Partners, L.P. will post 3.8 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were given a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a dividend yield of 9.27%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.03. The ex-dividend date was Thursday, May 7th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 86.34%.

MMP has been the topic of a number of recent analyst reports. UBS Group decreased their target price 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. Morgan Stanley upgraded Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating in a research report on Monday, March 16th. Goldman Sachs Group decreased their target price on Magellan Midstream Partners from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. Wells Fargo & Co decreased their target price 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. Finally, TheStreet lowered Magellan Midstream Partners from a “b-” rating to a “c+” rating in a research report on Tuesday, March 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $55.00.

In other Magellan Midstream Partners news, Director Chansoo Joung acquired 13,370 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average cost of $42.11 per share, with a total value of $563,010.70. Following the transaction, the director now owns 20,280 shares of the company’s stock, valued at $853,990.80. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by company insiders.

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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