Summit Financial LLC decreased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.7% in the second quarter, Holdings Channel.com reports. The firm owned 10,994 shares of the pipeline company’s stock after selling 537 shares during the period. Magellan Midstream Partners comprises 0.1% of Summit Financial LLC’s holdings, making the stock its 26th largest holding. Summit Financial LLC’s holdings in Magellan Midstream Partners were worth $704,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Manchester Financial Inc. acquired a new stake in shares of Magellan Midstream Partners in the second quarter worth about $25,000. CWM LLC lifted its position in shares of Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after buying an additional 283 shares during the last quarter. Massey Quick Simon & CO. LLC lifted its position in shares of Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after buying an additional 500 shares during the last quarter. AGF Investments LLC lifted its position in shares of Magellan Midstream Partners by 30.6% in the second quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock worth $50,000 after buying an additional 182 shares during the last quarter. Finally, Investors Research Corp acquired a new stake in shares of Magellan Midstream Partners in the first quarter worth about $49,000. 71.00% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Jeff R. Selvidge sold 4,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the transaction, the insider now directly owns 23,397 shares in the company, valued at $1,488,985.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.26% of the company’s stock.
Shares of Magellan Midstream Partners stock traded down $0.04 during trading on Thursday, reaching $65.18. The company’s stock had a trading volume of 23,668 shares, compared to its average volume of 852,171. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. The stock has a fifty day moving average price of $65.30. The company has a market cap of $14.87 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 2.59 and a beta of 0.74. Magellan Midstream Partners, L.P. has a one year low of $54.25 and a one year high of $71.85.
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 analysts’ consensus estimates of $1.07 by $0.13. The business had revenue of $701.70 million for the quarter, compared to analyst estimates of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, equities research analysts anticipate that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a $1.013 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 dividend on an annualized basis and a dividend yield of 6.22%. Magellan Midstream Partners’s payout ratio is presently 95.29%.
A number of analysts have weighed in on MMP shares. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Raymond James boosted their price target on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Stifel Nicolaus boosted their price target on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Credit Suisse Group boosted their price target on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Finally, Bank of America boosted their price target on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. 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 stock. The company has an average rating of “Hold” and an average price target of $69.00.
Magellan Midstream Partners Company 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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