Moody Lynn & Lieberson LLC Reduces Stake in Magellan Midstream Partners L.P. (MMP)

Moody Lynn & Lieberson LLC decreased its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 13.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 6,924 shares of the pipeline company’s stock after selling 1,061 shares during the quarter. Moody Lynn & Lieberson LLC’s holdings in Magellan Midstream Partners L.P. were worth $492,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Alps Advisors Inc. increased its holdings in shares of Magellan Midstream Partners L.P. by 5.2% during the 3rd quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock worth $1,070,564,000 after purchasing an additional 745,755 shares during the period. Tortoise Capital Advisors L.L.C. boosted its position in shares of Magellan Midstream Partners L.P. by 0.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 13,521,564 shares of the pipeline company’s stock valued at $963,682,000 after acquiring an additional 62,371 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Magellan Midstream Partners L.P. by 1.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,821,134 shares of the pipeline company’s stock valued at $272,333,000 after acquiring an additional 57,597 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Magellan Midstream Partners L.P. by 296.7% during the 2nd quarter. Renaissance Technologies LLC now owns 871,016 shares of the pipeline company’s stock valued at $62,077,000 after acquiring an additional 651,423 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC boosted its position in shares of Magellan Midstream Partners L.P. by 11.8% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 860,894 shares of the pipeline company’s stock valued at $61,175,000 after acquiring an additional 91,186 shares in the last quarter. Institutional investors own 61.45% of the company’s stock.

Several analysts have recently weighed in on the stock. Stifel Nicolaus reiterated a “hold” rating and set a $81.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Wednesday, July 19th. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $88.00 to $77.00 in a research report on Tuesday, July 18th. UBS AG upgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Tuesday, July 18th. BidaskClub lowered shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, 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 Monday, July 24th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $79.04.

WARNING: This news story was published by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are reading this news story on another site, it was stolen and republished in violation of US and international trademark and copyright law. The legal version of this news story can be viewed at https://www.chaffeybreeze.com/2017/11/14/moody-lynn-lieberson-llc-reduces-stake-in-magellan-midstream-partners-l-p-mmp.html.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the transaction, the insider now directly owns 19,653 shares of the company’s stock, valued at $1,388,287.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.24% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded down $1.12 during midday trading on Tuesday, hitting $66.22. 867,400 shares of the company’s stock were exchanged, compared to its average volume of 682,874. Magellan Midstream Partners L.P. has a one year low of $63.92 and a one year high of $81.77. The company has a market capitalization of $15,355.18, a P/E ratio of 17.67, a PEG ratio of 2.27 and a beta of 0.78. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.02. Magellan Midstream Partners L.P. had a net margin of 34.50% and a return on equity of 40.99%. The company had revenue of $551.80 million during the quarter, compared to the consensus estimate of $610.12 million. During the same period in the previous year, the firm posted $0.91 earnings per share. The company’s revenue was down 3.7% on a year-over-year basis. research analysts expect that Magellan Midstream Partners L.P. will post 3.9 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Thursday, November 2nd will be paid a $0.905 dividend. The ex-dividend date is Wednesday, November 1st. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 5.47%. Magellan Midstream Partners L.P.’s payout ratio is currently 97.84%.

Magellan Midstream Partners L.P. Company 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