Brown Advisory Inc. reduced its position in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 0.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,916 shares of the pipeline company’s stock after selling 852 shares during the quarter. Brown Advisory Inc. owned approximately 0.10% of Magellan Midstream Partners worth $9,787,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. CoreCap Advisors LLC acquired a new position in Magellan Midstream Partners in the 4th quarter valued at about $28,000. Accurate Wealth Management LLC acquired a new position in shares of Magellan Midstream Partners during the fourth quarter worth about $31,000. Phocas Financial Corp. acquired a new position in shares of Magellan Midstream Partners during the fourth quarter worth about $35,000. EverSource Wealth Advisors LLC grew its position in shares of Magellan Midstream Partners by 53.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock worth $35,000 after buying an additional 241 shares in the last quarter. Finally, Concord Wealth Partners acquired a new position in shares of Magellan Midstream Partners during the fourth quarter worth about $49,000. 51.06% of the stock is owned by institutional investors and hedge funds.
Magellan Midstream Partners Price Performance
Shares of NYSE MMP opened at $60.06 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.44 and a debt-to-equity ratio of 2.96. Magellan Midstream Partners, L.P. has a twelve month low of $44.79 and a twelve month high of $64.42. The stock has a 50 day moving average of $57.83 and a two-hundred day moving average of $54.19. The stock has a market cap of $12.14 billion, a P/E ratio of 10.90 and a beta of 0.91.
Magellan Midstream Partners Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 8th were paid a $1.0475 dividend. This represents a $4.19 dividend on an annualized basis and a yield of 6.98%. The ex-dividend date was Friday, May 5th. Magellan Midstream Partners’s dividend payout ratio is currently 76.04%.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the company. StockNews.com assumed coverage on Magellan Midstream Partners in a research report on Sunday. They set a “hold” rating for the company. Citigroup downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $57.00 to $63.00 in a research report on Wednesday, May 17th. Raymond James downgraded Magellan Midstream Partners from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 20th. Barclays boosted their price objective on Magellan Midstream Partners from $59.00 to $60.00 in a research report on Tuesday, April 18th. Finally, Mizuho upped their price target on Magellan Midstream Partners from $53.00 to $56.00 in a report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $59.75.
Magellan Midstream Partners Company Profile
Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. 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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