American Research & Management Co. Boosts Stake in Magellan Midstream Partners, L.P. (NYSE:MMP)


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American Research & Management Co. raised its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 13.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 12,774 shares of the pipeline company’s stock after acquiring an additional 1,488 shares during the period. American Research & Management Co.’s holdings in Magellan Midstream Partners were worth $554,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of MMP. Planned Solutions Inc. purchased a new position in shares of Magellan Midstream Partners in the 4th quarter worth about $30,000. ADE LLC purchased a new position in shares of Magellan Midstream Partners in the 4th quarter worth about $33,000. Phoenix Wealth Advisors purchased a new position in shares of Magellan Midstream Partners in the 4th quarter worth about $42,000. Chiron Capital Management LLC purchased a new position in shares of Magellan Midstream Partners in the 3rd quarter worth about $48,000. Finally, Mcmillion Capital Management Inc. bought a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at about $49,000. Institutional investors and hedge funds own 61.96% of the company’s stock.

MMP stock traded up $0.08 during trading on Thursday, hitting $45.31. 4,639 shares of the stock traded hands, compared to its average volume of 1,702,002. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of 11.22 and a beta of 1.08. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.64 and a quick ratio of 0.40. Magellan Midstream Partners, L.P. has a 1 year low of $32.61 and a 1 year high of $49.91. The firm’s 50 day moving average is $43.69 and its two-hundred day moving average is $41.50.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Tuesday, February 2nd. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.10. Magellan Midstream Partners had a net margin of 35.61% and a return on equity of 37.91%. The firm had revenue of $586.30 million for the quarter, compared to the consensus estimate of $643.24 million. During the same quarter in the prior year, the firm posted $1.37 earnings per share. The business’s revenue was down 20.8% on a year-over-year basis. As a group, analysts anticipate that Magellan Midstream Partners, L.P. will post 3.74 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 12th. Stockholders of record on Friday, February 5th were issued a dividend of $1.0275 per share. This represents a $4.11 dividend on an annualized basis and a dividend yield of 9.07%. The ex-dividend date of this dividend was Thursday, February 4th. Magellan Midstream Partners’s payout ratio is presently 86.34%.

A number of equities research analysts have recently weighed in on the company. Bank of America lowered Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $47.00 target price for the company. in a research note on Wednesday, January 6th. The Goldman Sachs Group lowered their price target on Magellan Midstream Partners from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, March 17th. TheStreet lowered Magellan Midstream Partners from a “b-” rating to a “c+” rating in a research report on Friday, March 12th. Zacks Investment Research raised Magellan Midstream Partners from a “sell” rating to a “hold” rating and set a $46.00 price target for the company in a research report on Tuesday, March 2nd. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $50.00 price target on shares of Magellan Midstream Partners in a research report on Thursday, March 18th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $48.89.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products and Crude Oil segments. It operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

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

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