First Midwest Bank Trust Division decreased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 7.5% during the second quarter, HoldingsChannel reports. The firm owned 7,425 shares of the pipeline company’s stock after selling 600 shares during the quarter. First Midwest Bank Trust Division’s holdings in Magellan Midstream Partners were worth $475,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Comerica Securities Inc. grew its holdings in Magellan Midstream Partners by 72.3% during the 4th quarter. Comerica Securities Inc. now owns 5,127 shares of the pipeline company’s stock valued at $293,000 after purchasing an additional 2,152 shares in the last quarter. BlackRock Inc. grew its holdings in Magellan Midstream Partners by 1.0% during the 4th quarter. BlackRock Inc. now owns 1,047,746 shares of the pipeline company’s stock valued at $59,784,000 after purchasing an additional 10,777 shares in the last quarter. Walnut Private Equity Partners LLC grew its holdings in Magellan Midstream Partners by 2.2% during the 1st quarter. Walnut Private Equity Partners LLC now owns 236,291 shares of the pipeline company’s stock valued at $14,326,000 after purchasing an additional 5,000 shares in the last quarter. Legacy Advisors LLC acquired a new stake in Magellan Midstream Partners during the 1st quarter valued at $96,000. Finally, Chickasaw Capital Management LLC grew its holdings in Magellan Midstream Partners by 5.6% during the 1st quarter. Chickasaw Capital Management LLC now owns 2,645,062 shares of the pipeline company’s stock valued at $160,370,000 after purchasing an additional 140,483 shares in the last quarter. 68.68% of the stock is currently owned by institutional investors.
NYSE MMP opened at $66.67 on Friday. Magellan Midstream Partners, L.P. has a 12 month low of $54.25 and a 12 month high of $72.90. The company has a quick ratio of 0.39, a current ratio of 0.70 and a debt-to-equity ratio of 1.69. The company has a market cap of $15.23 billion, a P/E ratio of 15.69, a price-to-earnings-growth ratio of 2.58 and a beta of 0.74. The company’s fifty day moving average is $64.56.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be paid a dividend of $1.013 per share. This represents a $4.05 dividend on an annualized basis and a yield of 6.08%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date is Tuesday, August 6th. Magellan Midstream Partners’s dividend payout ratio is 94.59%.
In other news, insider Jeff R. Selvidge sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total value of $254,560.00. Following the transaction, the insider now directly owns 23,397 shares in the company, valued at approximately $1,488,985.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.26% of the company’s stock.
A number of research firms recently weighed in on MMP. ValuEngine raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Zacks Investment Research raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. Bank of America raised their price target on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Johnson Rice began coverage on shares of Magellan Midstream Partners in a report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price target for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. Magellan Midstream Partners has an average rating of “Hold” and a consensus target price of $68.62.
Magellan Midstream Partners Profile
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
Further Reading: Percentage Decliners
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).
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.