UMB Bank N A MO Reduces Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

UMB Bank N A MO decreased its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 19.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,926 shares of the pipeline company’s stock after selling 2,581 shares during the quarter. UMB Bank N A MO’s holdings in Magellan Midstream Partners were worth $700,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Huntington National Bank boosted its holdings in shares of Magellan Midstream Partners by 0.5% in the second quarter. Huntington National Bank now owns 31,373 shares of the pipeline company’s stock worth $2,008,000 after buying an additional 160 shares during the last quarter. Adell Harriman & Carpenter Inc. raised its stake in Magellan Midstream Partners by 2.5% during the 1st quarter. Adell Harriman & Carpenter Inc. now owns 8,198 shares of the pipeline company’s stock worth $497,000 after acquiring an additional 200 shares during the period. Rothschild Investment Corp IL raised its stake in Magellan Midstream Partners by 0.4% during the 2nd quarter. Rothschild Investment Corp IL now owns 49,300 shares of the pipeline company’s stock worth $3,155,000 after acquiring an additional 200 shares during the period. TIAA FSB raised its stake in Magellan Midstream Partners by 2.1% during the 1st quarter. TIAA FSB now owns 10,237 shares of the pipeline company’s stock worth $621,000 after acquiring an additional 206 shares during the period. Finally, Altavista Wealth Management Inc. raised its stake in Magellan Midstream Partners by 5.0% during the 1st quarter. Altavista Wealth Management Inc. now owns 4,450 shares of the pipeline company’s stock worth $270,000 after acquiring an additional 210 shares during the period. 71.00% of the stock is currently owned by institutional investors.

NYSE MMP traded up $0.74 on Tuesday, hitting $65.74. 10,747 shares of the stock were exchanged, compared to its average volume of 859,273. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.73. The business has a fifty day moving average price of $65.16. The stock has a market capitalization of $14.79 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 2.59 and a beta of 0.74. Magellan Midstream Partners, L.P. has a 52-week low of $54.25 and a 52-week high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data 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 company 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%. Magellan Midstream Partners’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 earnings per share. On average, research analysts forecast that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be paid a dividend of $1.013 per share. This represents a $4.05 annualized dividend and a yield of 6.16%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, August 6th. Magellan Midstream Partners’s payout ratio is presently 95.29%.

MMP has been the topic of a number of recent analyst reports. Johnson Rice initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, May 30th. They set an “accumulate” rating and a $71.00 target price on the stock. Raymond James raised their target price on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Bank of America raised their target price on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Finally, Stifel Nicolaus raised their target price on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.00.

In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 4,000 shares of Magellan Midstream Partners stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total transaction of $254,560.00. Following the completion of the transaction, the insider now directly owns 23,397 shares of the company’s stock, valued at $1,488,985.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by insiders.

About Magellan Midstream Partners

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.

See Also: Market Capitalization and Individual Investors

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

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