Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Sold by Strategic Wealth Partners Ltd.

Strategic Wealth Partners Ltd. cut its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 17.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,047 shares of the pipeline company’s stock after selling 222 shares during the period. Strategic Wealth Partners Ltd.’s holdings in Magellan Midstream Partners were worth $67,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mid Atlantic Financial Management Inc. ADV raised its holdings in shares of Magellan Midstream Partners by 1.7% during the second quarter. Mid Atlantic Financial Management Inc. ADV now owns 14,379 shares of the pipeline company’s stock worth $920,000 after purchasing an additional 246 shares during the period. MCF Advisors LLC raised its holdings in shares of Magellan Midstream Partners by 19.4% during the second quarter. MCF Advisors LLC now owns 3,995 shares of the pipeline company’s stock worth $256,000 after purchasing an additional 648 shares during the period. Private Wealth Partners LLC raised its holdings in shares of Magellan Midstream Partners by 44.1% during the second quarter. Private Wealth Partners LLC now owns 6,169 shares of the pipeline company’s stock worth $395,000 after purchasing an additional 1,889 shares during the period. H D Vest Advisory Services raised its holdings in shares of Magellan Midstream Partners by 68.4% during the second quarter. H D Vest Advisory Services now owns 5,656 shares of the pipeline company’s stock worth $362,000 after purchasing an additional 2,298 shares during the period. Finally, Homrich & Berg raised its holdings in shares of Magellan Midstream Partners by 8.2% during the second quarter. Homrich & Berg now owns 27,897 shares of the pipeline company’s stock worth $1,785,000 after purchasing an additional 2,104 shares during the period. 70.17% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have weighed in on MMP. 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 target price on the stock. Raymond James increased their target price on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Bank of America increased their target price on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Finally, Credit Suisse Group upped their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $69.00.

Shares of Magellan Midstream Partners stock traded down $0.64 during trading on Friday, hitting $65.84. 478,498 shares of the stock were exchanged, compared to its average volume of 876,161. The stock’s fifty day moving average is $65.77 and its 200 day moving average is $62.46. The stock has a market cap of $15.18 billion, a PE ratio of 15.49, a P/E/G ratio of 2.56 and a beta of 0.74. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. Magellan Midstream Partners, L.P. has a 12 month low of $54.25 and a 12 month high of $70.67.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.07 by $0.13. The business had revenue of $701.70 million during the quarter, compared to analyst estimates of $658.67 million. Magellan Midstream Partners had a net margin of 48.33% and a return on equity of 38.48%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. Sell-side analysts anticipate that Magellan Midstream Partners, L.P. will post 4.45 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were given a $1.013 dividend. This represents a $4.05 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date was Tuesday, August 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s dividend payout ratio is currently 95.29%.

In related news, insider Jeff R. Selvidge sold 4,000 shares of the 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 completion of the transaction, the insider now owns 23,397 shares in the company, valued at approximately $1,488,985.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Chansoo Joung bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was bought at an average price of $67.28 per share, with a total value of $336,400.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $336,400. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company’s stock.

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.

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

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