Stonebridge Capital Advisors LLC Cuts Stake in Magellan Midstream Partners L.P. (MMP)

Stonebridge Capital Advisors LLC reduced its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 5.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,630 shares of the pipeline company’s stock after selling 400 shares during the period. Stonebridge Capital Advisors LLC’s holdings in Magellan Midstream Partners L.P. were worth $510,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Founders Capital Management bought a new stake in Magellan Midstream Partners L.P. during the first quarter worth $109,000. Acropolis Investment Management LLC purchased a new position in Magellan Midstream Partners L.P. during the first quarter worth about $118,000. Catalyst Capital Advisors LLC boosted its position in Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after buying an additional 300 shares during the period. AlphaMark Advisors LLC boosted its position in Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock worth $148,000 after buying an additional 1,575 shares during the period. Finally, SRS Capital Advisors Inc. boosted its position in Magellan Midstream Partners L.P. by 16.0% in the first quarter. SRS Capital Advisors Inc. now owns 2,009 shares of the pipeline company’s stock worth $154,000 after buying an additional 277 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded down 0.37% on Friday, hitting $69.36. 478,432 shares of the stock traded hands. Magellan Midstream Partners L.P. has a 52 week low of $64.25 and a 52 week high of $81.77. The stock has a 50 day moving average price of $70.19 and a 200-day moving average price of $74.77. The stock has a market cap of $15.82 billion, a price-to-earnings ratio of 19.32 and a beta of 0.81.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, May 3rd. The pipeline company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.08. Magellan Midstream Partners L.P. had a net margin of 35.16% and a return on equity of 41.17%. The company had revenue of $519.80 million for the quarter, compared to analysts’ expectations of $554.22 million. During the same quarter last year, the business earned $0.87 EPS. The firm’s revenue was down 19.0% compared to the same quarter last year. On average, equities research analysts forecast that Magellan Midstream Partners L.P. will post $3.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.89 per share. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a yield of 5.13%. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is presently 99.44%.

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MMP has been the subject of several research analyst reports. Royal Bank Of Canada reiterated a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Thursday, April 13th. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $80.00 to $84.00 in a report on Thursday, May 4th. BidaskClub raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Jefferies Group LLC began coverage on shares of Magellan Midstream Partners L.P. in a report on Thursday, June 22nd. They issued a “hold” rating and a $73.00 price target for the company. Finally, Macquarie began coverage on shares of Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They issued a “neutral” rating and a $80.00 target price for the company. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $78.86.

In related news, insider Douglas J. May sold 8,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the sale, the insider now owns 27,599 shares in the company, valued at $2,069,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is currently owned by company insiders.

About Magellan Midstream Partners L.P.

Institutional Ownership by Quarter for Magellan Midstream Partners L.P. (NYSE:MMP)

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