MML Investors Services LLC cut its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 15.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 34,509 shares of the pipeline company’s stock after selling 6,241 shares during the period. MML Investors Services LLC’s holdings in Magellan Midstream Partners were worth $1,640,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Private Trust Co. NA acquired a new stake in shares of Magellan Midstream Partners in the 2nd quarter valued at about $41,000. Vigilant Capital Management LLC acquired a new stake in shares of Magellan Midstream Partners in the 3rd quarter valued at about $52,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in Magellan Midstream Partners during the third quarter worth about $52,000. Coston McIsaac & Partners acquired a new stake in Magellan Midstream Partners during the third quarter worth about $57,000. Finally, SJS Investment Consulting Inc. acquired a new stake in Magellan Midstream Partners during the third quarter worth about $63,000. 51.06% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on MMP shares. Wells Fargo & Company increased their price objective on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 7th. Citigroup upped their price target on shares of Magellan Midstream Partners from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 7th. Royal Bank of Canada upped their price target on shares of Magellan Midstream Partners from $58.00 to $59.00 and gave the company an “outperform” rating in a research report on Tuesday, November 1st. Morgan Stanley upped their price target on shares of Magellan Midstream Partners from $54.00 to $56.00 and gave the company an “underweight” rating in a research report on Monday, January 9th. Finally, Wolfe Research downgraded shares of Magellan Midstream Partners from a “peer perform” rating to an “underperform” rating and set a $49.00 price target for the company. in a research report on Wednesday, November 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $56.27.
Magellan Midstream Partners Stock Down 0.2 %
Magellan Midstream Partners Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Tuesday, February 7th were issued a dividend of $1.048 per share. The ex-dividend date was Monday, February 6th. This represents a $4.19 dividend on an annualized basis and a dividend yield of 7.89%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.05. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 84.65%.
Magellan Midstream Partners Company Profile
Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.
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