SG Americas Securities LLC Sells 5,466 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Posted by Defense World Staff on Jul 23rd, 2023

SG Americas Securities LLC decreased its stake in Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) by 13.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,955 shares of the pipeline company’s stock after selling 5,466 shares during the period. SG Americas Securities LLC’s holdings in Magellan Midstream Partners were worth $1,842,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Fort Washington Investment Advisors Inc. OH increased its stake in shares of Magellan Midstream Partners by 43.1% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 34,850 shares of the pipeline company’s stock valued at $1,891,000 after buying an additional 10,500 shares during the period. Allen Capital Group LLC acquired a new stake in shares of Magellan Midstream Partners in the first quarter valued at about $2,324,000. Stratos Wealth Partners LTD. increased its stake in shares of Magellan Midstream Partners by 6.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,548 shares of the pipeline company’s stock valued at $301,000 after buying an additional 326 shares during the period. Simplicity Solutions LLC acquired a new stake in shares of Magellan Midstream Partners in the first quarter valued at about $282,000. Finally, Heirloom Wealth Management acquired a new stake in shares of Magellan Midstream Partners in the first quarter valued at about $211,000. Institutional investors and hedge funds own 52.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MMP shares. StockNews.com started coverage on Magellan Midstream Partners in a research note on Friday. They set a “hold” rating for the company. Raymond James cut Magellan Midstream Partners from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 20th. Barclays raised their target price on Magellan Midstream Partners from $60.00 to $68.00 in a research note on Tuesday, July 18th. US Capital Advisors cut Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a research note on Friday, May 19th. Finally, Royal Bank of Canada cut Magellan Midstream Partners from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $59.00 to $66.00 in a research note on Wednesday, May 17th. Two equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.55.

Magellan Midstream Partners Stock Up 0.2 %

MMP stock opened at $65.36 on Friday. Magellan Midstream Partners, L.P. has a twelve month low of $45.52 and a twelve month high of $65.93. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 2.96. The stock’s 50 day moving average is $61.85 and its 200-day moving average is $56.59. The firm has a market capitalization of $13.21 billion, a PE ratio of 11.86 and a beta of 0.90.

Magellan Midstream Partners (NYSE:MMP – Get Free Report) last posted its earnings results on Thursday, May 4th. The pipeline company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.11. Magellan Midstream Partners had a return on equity of 57.78% and a net margin of 33.72%. The company had revenue of $869.70 million for the quarter, compared to analyst estimates of $731.28 million. During the same quarter last year, the company earned $1.08 earnings per share. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. Sell-side analysts expect that Magellan Midstream Partners, L.P. will post 5.07 EPS for the current fiscal year.

Magellan Midstream Partners Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 8th were issued a $1.0475 dividend. The ex-dividend date of this dividend was Friday, May 5th. This represents a $4.19 dividend on an annualized basis and a dividend yield of 6.41%. Magellan Midstream Partners’s dividend payout ratio is presently 76.04%.

Magellan Midstream Partners Profile

(Free Report)

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.