Suntrust Banks Inc. lifted its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 14.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,328 shares of the pipeline company’s stock after purchasing an additional 2,042 shares during the quarter. Suntrust Banks Inc.’s holdings in Magellan Midstream Partners were worth $932,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in MMP. Rothschild Investment Corp IL grew its stake in shares of Magellan Midstream Partners by 29.9% in the fourth quarter. Rothschild Investment Corp IL now owns 49,100 shares of the pipeline company’s stock valued at $2,802,000 after acquiring an additional 11,300 shares in the last quarter. Tortoise Index Solutions LLC grew its stake in Magellan Midstream Partners by 110.5% during the fourth quarter. Tortoise Index Solutions LLC now owns 83,210 shares of the pipeline company’s stock worth $4,748,000 after buying an additional 43,677 shares in the last quarter. United Income Inc. acquired a new stake in Magellan Midstream Partners during the fourth quarter worth about $986,000. Captrust Financial Advisors grew its stake in Magellan Midstream Partners by 1,535.4% during the third quarter. Captrust Financial Advisors now owns 40,099 shares of the pipeline company’s stock worth $2,716,000 after buying an additional 37,647 shares in the last quarter. Finally, Dearborn Partners LLC grew its stake in Magellan Midstream Partners by 2.9% during the fourth quarter. Dearborn Partners LLC now owns 76,773 shares of the pipeline company’s stock worth $4,381,000 after buying an additional 2,177 shares in the last quarter. 66.71% of the stock is currently owned by institutional investors and hedge funds.
NYSE MMP traded down $0.29 during trading hours on Friday, reaching $61.63. The company’s stock had a trading volume of 619,884 shares, compared to its average volume of 779,137. The firm has a market cap of $14.08 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 2.53 and a beta of 0.85. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $72.90. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.96 and a quick ratio of 0.68.
In other Magellan Midstream Partners news, Director James R. Montague sold 2,119 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $59.83, for a total transaction of $126,779.77. Following the completion of the transaction, the director now owns 21,952 shares in the company, valued at approximately $1,313,388.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $59.35, for a total transaction of $1,780,500.00. Following the transaction, the chief executive officer now owns 183,185 shares of the company’s stock, valued at approximately $10,872,029.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,696 shares of company stock valued at $2,597,682. 0.26% of the stock is owned by company insiders.
A number of brokerages have issued reports on MMP. Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Zacks Investment Research downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. SunTrust Banks began coverage on shares of Magellan Midstream Partners in a research note on Friday, January 18th. They set a “hold” rating and a $65.00 price objective on the stock. Wolfe Research downgraded shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 price objective on the stock. in a research note on Friday, February 1st. Finally, Citigroup set a $70.00 price target on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research note on Saturday, February 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $69.38.
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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 through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates diesel fuel, kerosene, heating oil, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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