Tdam USA Inc. trimmed its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 2.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,890 shares of the pipeline company’s stock after selling 270 shares during the quarter. Tdam USA Inc.’s holdings in Magellan Midstream Partners were worth $678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also made changes to their positions in the company. Arlington Partners LLC purchased a new position in Magellan Midstream Partners during the 4th quarter worth $40,000. Essex Savings Bank purchased a new stake in Magellan Midstream Partners during the 4th quarter valued at about $52,000. Northern Oak Wealth Management Inc. grew its stake in Magellan Midstream Partners by 142.9% during the 3rd quarter. Northern Oak Wealth Management Inc. now owns 1,700 shares of the pipeline company’s stock valued at $115,000 after purchasing an additional 1,000 shares during the last quarter. Girard Partners LTD. purchased a new stake in Magellan Midstream Partners during the 3rd quarter valued at about $152,000. Finally, NEXT Financial Group Inc purchased a new stake in Magellan Midstream Partners during the 3rd quarter valued at about $196,000. Hedge funds and other institutional investors own 65.54% of the company’s stock.
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MMP has been the topic of several research analyst reports. Jefferies Financial Group upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Bank of America boosted their price target on Magellan Midstream Partners from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, November 5th. Credit Suisse Group initiated coverage on Magellan Midstream Partners in a research note on Thursday, October 11th. They set a “neutral” rating and a $77.00 price target on the stock. Wells Fargo & Co dropped their price target on Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 6th. Finally, Wolfe Research downgraded Magellan Midstream Partners to an “underperform” rating and set a $56.00 price target on the stock. in a research note on Friday, February 1st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $72.11.
In other news, insider Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $58.14, for a total value of $581,400.00. Following the completion of the transaction, the insider now owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.26% of the company’s stock.
Shares of MMP stock traded down $1.76 on Thursday, hitting $57.35. The company had a trading volume of 498,913 shares, compared to its average volume of 1,032,831. The stock has a market cap of $13.49 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46. Magellan Midstream Partners, L.P. has a twelve month low of $54.25 and a twelve month high of $72.90.
Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.13). The company had revenue of $865.68 million during the quarter, compared to analyst estimates of $710.21 million. Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 42.53%. Sell-side analysts anticipate that Magellan Midstream Partners, L.P. will post 4.16 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, February 7th will be issued a $0.9775 dividend. The ex-dividend date is Wednesday, February 6th. This represents a $3.91 annualized dividend and a dividend yield of 6.82%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 92.00%.
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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, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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