Investment Centers of America Inc. Has $576,000 Position in Magellan Midstream Partners L.P. (MMP)

Investment Centers of America Inc. increased its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 78.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,128 shares of the pipeline company’s stock after buying an additional 3,570 shares during the quarter. Investment Centers of America Inc.’s holdings in Magellan Midstream Partners L.P. were worth $576,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Founders Capital Management bought a new position in shares of Magellan Midstream Partners L.P. during the 1st quarter worth approximately $109,000. Catalyst Capital Advisors LLC lifted its position in shares of Magellan Midstream Partners L.P. by 23.7% during the 1st 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. NEXT Financial Group Inc lifted its position in shares of Magellan Midstream Partners L.P. by 7.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after buying an additional 126 shares during the period. Independent Portfolio Consultants Inc. lifted its position in shares of Magellan Midstream Partners L.P. by 4.6% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after buying an additional 87 shares during the period. Finally, AlphaMark Advisors LLC lifted its position in shares of Magellan Midstream Partners L.P. by 444.9% during the 1st 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. Institutional investors and hedge funds own 60.80% of the company’s stock.

Magellan Midstream Partners L.P. (MMP) traded down 0.41% during midday trading on Friday, hitting $71.13. The stock had a trading volume of 675,187 shares. Magellan Midstream Partners L.P. has a 52 week low of $63.92 and a 52 week high of $81.77. The company’s 50-day moving average price is $67.85 and its 200 day moving average price is $72.30. The company has a market capitalization of $16.22 billion, a PE ratio of 19.29 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.03. The firm had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company’s revenue was up 19.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS. On average, analysts expect that Magellan Midstream Partners L.P. will post $3.90 EPS for the current year.

WARNING: “Investment Centers of America Inc. Has $576,000 Position in Magellan Midstream Partners L.P. (MMP)” was reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are accessing this piece on another site, it was stolen and republished in violation of United States and international copyright law. The legal version of this piece can be accessed at https://www.chaffeybreeze.com/2017/09/17/investment-centers-of-america-inc-has-576000-position-in-magellan-midstream-partners-l-p-mmp.html.

Several equities analysts recently commented on MMP shares. BidaskClub upgraded Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $88.00 to $77.00 in a research report on Tuesday, July 18th. Stifel Nicolaus reiterated a “hold” rating and issued a $77.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Finally, Mizuho downgraded Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $74.00 to $72.00 in a research report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and an average target price of $79.19.

Magellan Midstream Partners L.P. Profile

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).

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

Receive News & Ratings for Magellan Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply