Wambolt & Associates LLC lifted its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,740 shares of the pipeline company’s stock after acquiring an additional 645 shares during the quarter. Wambolt & Associates LLC’s holdings in Magellan Midstream Partners were worth $922,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Howe & Rusling Inc. raised its position in Magellan Midstream Partners by 155.1% during the 4th quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares during the last quarter. AdvisorNet Financial Inc raised its position in shares of Magellan Midstream Partners by 132.8% in the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 304 shares in the last quarter. Arlington Partners LLC bought a new position in shares of Magellan Midstream Partners in the 4th quarter worth about $40,000. Bremer Trust National Association bought a new position in shares of Magellan Midstream Partners in the 4th quarter worth about $42,000. Finally, Essex Savings Bank bought a new position in shares of Magellan Midstream Partners in the 4th quarter worth about $52,000. 66.68% of the stock is currently owned by institutional investors.
Shares of NYSE MMP opened at $61.62 on Friday. Magellan Midstream Partners, L.P. has a twelve month low of $54.25 and a twelve month high of $72.90. The company has a market capitalization of $14.07 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 2.54 and a beta of 0.85. The company has a current ratio of 0.96, a quick ratio of 0.68 and a debt-to-equity ratio of 1.59.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th will be issued a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a dividend yield of 6.52%. The ex-dividend date is Tuesday, May 7th. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.00. Magellan Midstream Partners’s payout ratio is 93.88%.
In related news, Director Robert G. Croyle sold 2,119 shares of Magellan Midstream Partners stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total value of $127,012.86. Following the sale, the director now owns 3,758 shares of the company’s stock, valued at approximately $225,254.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeff R. Selvidge sold 2,500 shares of Magellan Midstream Partners stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $60.34, for a total transaction of $150,850.00. Following the completion of the sale, the insider now directly owns 25,897 shares in the company, valued at approximately $1,562,624.98. The disclosure for this sale can be found here. Insiders sold a total of 43,696 shares of company stock worth $2,597,682 in the last ninety days. 0.26% of the stock is currently owned by insiders.
Several analysts have recently commented on MMP shares. Citigroup set a $70.00 target price on Magellan Midstream Partners and gave the company a “buy” rating in a research note on Saturday, February 2nd. Jefferies Financial Group downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Evercore ISI started coverage on Magellan Midstream Partners in a research note on Tuesday, February 5th. They issued an “outperform” rating for the company. LADENBURG THALM/SH SH set a $75.00 target price on Magellan Midstream Partners and gave the company a “buy” rating in a research note on Tuesday, March 26th. Finally, Wolfe Research downgraded Magellan Midstream Partners to an “underperform” rating and set a $56.00 price target for the company. in a research note on Friday, February 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners has a consensus rating of “Hold” and a consensus price target of $69.38.
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Magellan Midstream Partners 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 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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