Segment Wealth Management LLC Grows Holdings in Magellan Midstream Partners L.P. (MMP)

Segment Wealth Management LLC raised its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,475 shares of the pipeline company’s stock after buying an additional 268 shares during the quarter. Segment Wealth Management LLC’s holdings in Magellan Midstream Partners L.P. were worth $2,101,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. D.A. Davidson & CO. increased its stake in Magellan Midstream Partners L.P. by 7.4% in the 2nd quarter. D.A. Davidson & CO. now owns 33,635 shares of the pipeline company’s stock valued at $2,397,000 after buying an additional 2,317 shares during the period. Pathstone Family Office LLC acquired a new position in Magellan Midstream Partners L.P. in the 2nd quarter valued at approximately $148,000. Acrospire Investment Management LLC increased its stake in Magellan Midstream Partners L.P. by 340.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock valued at $157,000 after buying an additional 1,700 shares during the period. Investment Centers of America Inc. increased its stake in Magellan Midstream Partners L.P. by 78.3% in the 2nd quarter. Investment Centers of America Inc. now owns 8,128 shares of the pipeline company’s stock valued at $576,000 after buying an additional 3,570 shares during the period. Finally, Icon Advisers Inc. Co. increased its stake in Magellan Midstream Partners L.P. by 14.0% in the 2nd quarter. Icon Advisers Inc. Co. now owns 74,000 shares of the pipeline company’s stock valued at $5,274,000 after buying an additional 9,100 shares during the period. Hedge funds and other institutional investors own 60.67% of the company’s stock.

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MMP has been the topic of several research reports. UBS AG upgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Tuesday, July 18th. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $88.00 to $77.00 in a research note on Tuesday, July 18th. Royal Bank Of Canada reissued a “hold” rating and issued a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Zacks Investment Research raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $79.19.

Magellan Midstream Partners L.P. (NYSE MMP) traded up 0.01% during mid-day trading on Wednesday, hitting $70.52. 116,257 shares of the company traded hands. Magellan Midstream Partners L.P. has a one year low of $63.92 and a one year high of $81.77. The stock has a market capitalization of $16.08 billion, a price-to-earnings ratio of 19.12 and a beta of 0.80. The company’s 50-day moving average is $67.92 and its 200-day moving average is $72.12.

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, topping the Zacks’ consensus estimate of $0.89 by $0.03. The business 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 net margin of 34.63% and a return on equity of 41.81%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 earnings per share. Analysts predict that Magellan Midstream Partners L.P. will post $3.90 EPS for the current year.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $70.64, for a total transaction of $353,200.00. Following the transaction, the insider now directly owns 19,653 shares in the company, valued at $1,388,287.92. The sale was disclosed in a filing with the SEC, which is available through this link. 0.24% of the stock is currently owned by insiders.

About Magellan Midstream Partners L.P.

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

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