Commonwealth Equity Services LLC trimmed its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) by 1.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 100,174 shares of the pipeline company’s stock after selling 1,218 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Magellan Midstream Partners were worth $5,435,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Keybank National Association OH boosted its position in shares of Magellan Midstream Partners by 0.9% during the first quarter. Keybank National Association OH now owns 104,954 shares of the pipeline company’s stock worth $5,695,000 after buying an additional 983 shares during the period. Ameritas Advisory Services LLC grew its position in Magellan Midstream Partners by 28.5% in the fourth quarter. Ameritas Advisory Services LLC now owns 5,841 shares of the pipeline company’s stock valued at $293,000 after purchasing an additional 1,296 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Magellan Midstream Partners by 13.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 27,595 shares of the pipeline company’s stock valued at $1,386,000 after purchasing an additional 3,280 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new stake in Magellan Midstream Partners during the 1st quarter worth about $61,000. Finally, Catalyst Capital Advisors LLC boosted its stake in shares of Magellan Midstream Partners by 1.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 94,763 shares of the pipeline company’s stock worth $4,758,000 after buying an additional 1,500 shares during the last quarter. 54.84% of the stock is currently owned by institutional investors and hedge funds.
Magellan Midstream Partners Trading Up 0.3 %
Shares of NYSE:MMP opened at $66.59 on Friday. The stock has a market cap of $13.46 billion, a PE ratio of 13.26 and a beta of 0.90. The company has a quick ratio of 0.60, a current ratio of 1.08 and a debt-to-equity ratio of 2.91. Magellan Midstream Partners, L.P. has a 12-month low of $45.52 and a 12-month high of $67.14. The business has a 50 day moving average of $64.40 and a 200-day moving average of $59.07.
Magellan Midstream Partners Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were paid a $1.0475 dividend. This represents a $4.19 annualized dividend and a dividend yield of 6.29%. The ex-dividend date was Friday, August 4th. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 83.47%.
Wall Street Analysts Forecast Growth
MMP has been the topic of a number of recent research reports. Barclays lifted their target price on Magellan Midstream Partners from $60.00 to $68.00 in a research report on Tuesday, July 18th. TD Securities increased their price objective on Magellan Midstream Partners from $67.50 to $69.00 and gave the company a “tender” rating in a report on Friday, August 4th. Stifel Nicolaus cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating and raised their target price for the company from $61.00 to $64.00 in a research note on Thursday, May 18th. US Capital Advisors lowered shares of Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a research report on Friday, May 19th. Finally, Mizuho lifted their price objective on shares of Magellan Midstream Partners from $53.00 to $56.00 in a research report on Monday, May 15th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.70.
View Our Latest Stock Report on MMP
Magellan Midstream Partners Company Profile
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.
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