Ameritas Advisory Services LLC boosted its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) by 8.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,308 shares of the pipeline company’s stock after acquiring an additional 467 shares during the period. Ameritas Advisory Services LLC’s holdings in Magellan Midstream Partners were worth $350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its stake in shares of Magellan Midstream Partners by 100,697.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 50,811,771 shares of the pipeline company’s stock valued at $2,551,259,000 after purchasing an additional 50,761,361 shares in the last quarter. Cottage Street Advisors LLC boosted its position in Magellan Midstream Partners by 3,828.1% during the 4th quarter. Cottage Street Advisors LLC now owns 3,499,828 shares of the pipeline company’s stock valued at $1,099,000 after acquiring an additional 3,410,731 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Magellan Midstream Partners by 94.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,666,575 shares of the pipeline company’s stock valued at $133,889,000 after acquiring an additional 1,296,233 shares during the period. Natixis raised its position in shares of Magellan Midstream Partners by 56.8% in the 4th quarter. Natixis now owns 2,795,178 shares of the pipeline company’s stock worth $140,346,000 after acquiring an additional 1,012,835 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Magellan Midstream Partners by 486.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 478,193 shares of the pipeline company’s stock worth $23,465,000 after purchasing an additional 396,682 shares during the last quarter. Hedge funds and other institutional investors own 52.40% of the company’s stock.
Wall Street Analyst Weigh In
MMP has been the subject of a number of recent research reports. Royal Bank of Canada downgraded shares of Magellan Midstream Partners from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $59.00 to $66.00 in a report on Wednesday, May 17th. Barclays raised their target price on shares of Magellan Midstream Partners from $60.00 to $68.00 in a research note on Tuesday, July 18th. US Capital Advisors downgraded Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a research report on Friday, May 19th. StockNews.com assumed coverage on Magellan Midstream Partners in a research report on Friday. They issued a “hold” rating for the company. Finally, Citigroup lowered Magellan Midstream Partners from a “buy” rating to a “neutral” rating and upped their target price for the company from $57.00 to $63.00 in a research report on Wednesday, May 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.55.
Magellan Midstream Partners Stock Up 0.2 %
Magellan Midstream Partners (NYSE:MMP – Get Free Report) last issued its quarterly earnings results on Thursday, May 4th. The pipeline company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.11. Magellan Midstream Partners had a net margin of 33.72% and a return on equity of 57.78%. The company had revenue of $869.70 million for the quarter, compared to the consensus estimate of $731.28 million. During the same quarter in the prior year, the company earned $1.08 EPS. Magellan Midstream Partners’s quarterly revenue was up 28.9% on a year-over-year basis. Equities analysts expect that Magellan Midstream Partners, L.P. will post 5.07 earnings per share for the current year.
Magellan Midstream Partners Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 8th were given a dividend of $1.0475 per share. The ex-dividend date was Friday, May 5th. This represents a $4.19 dividend on an annualized basis and a yield of 6.41%. Magellan Midstream Partners’s dividend payout ratio is presently 76.04%.
About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.
Featured Articles
- Five stocks we like better than Magellan Midstream Partners
- MarketBeat Week in Review – 7/17 – 7/21
- U.S. Bancorp Shares Rally As Analysts Get Bullish After Q2 Report
- AutoNation Beats Earnings Expectations, Stock Down?
- American Express Hiccups After Earnings, Time To Buy?
- ISRG Stock Sinks After Strong Earnings: Is the Growth Priced In?
Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report).
Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.
