Spirit of America Management Corp NY boosted its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 245,680 shares of the company’s stock after buying an additional 19,500 shares during the period. Magellan Midstream Partners L.P. accounts for approximately 2.3% of Spirit of America Management Corp NY’s portfolio, making the stock its 6th largest position. Spirit of America Management Corp NY owned 0.11% of Magellan Midstream Partners L.P. worth $17,380,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Zions Bancorporation purchased a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $277,000. Envestnet Asset Management Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 75.3% in the first quarter. Envestnet Asset Management Inc. now owns 36,464 shares of the company’s stock valued at $2,509,000 after buying an additional 15,664 shares in the last quarter. Princeton Portfolio Strategies Group LLC purchased a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $1,188,000. Nuveen Asset Management LLC increased its stake in shares of Magellan Midstream Partners L.P. by 109.9% in the first quarter. Nuveen Asset Management LLC now owns 557,893 shares of the company’s stock valued at $38,383,000 after buying an additional 292,137 shares in the last quarter. Finally, TPH Asset Management LLC increased its stake in shares of Magellan Midstream Partners L.P. by 400.3% in the first quarter. TPH Asset Management LLC now owns 180,201 shares of the company’s stock valued at $12,398,000 after buying an additional 144,185 shares in the last quarter. Hedge funds and other institutional investors own 62.52% of the company’s stock.

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

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 71.30 on Friday. Magellan Midstream Partners L.P. has a 12-month low of $54.51 and a 12-month high of $77.45. The company’s 50 day moving average is $69.97 and its 200 day moving average is $71.00. The firm has a market capitalization of $16.24 billion, a PE ratio of 19.12 and a beta of 0.71.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Tuesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. Magellan Midstream Partners L.P. had a net margin of 38.97% and a return on equity of 38.58%. The company had revenue of $518.90 million for the quarter, compared to the consensus estimate of $519.12 million. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. On average, analysts forecast that Magellan Midstream Partners L.P. will post $3.52 earnings per share for the current year.

Several research firms have commented on MMP. Ladenburg Thalmann began coverage on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 13th. They set a “buy” rating on the stock. Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Morgan Stanley cut shares of Magellan Midstream Partners L.P. from an “equal” rating to an “underweight” rating and lowered their target price for the company from $73.00 to $69.00 in a research note on Thursday, August 18th. Credit Suisse Group AG set a $74.00 target price on shares of Magellan Midstream Partners L.P. and gave the company a “sell” rating in a research note on Wednesday, August 3rd. Finally, Mizuho began coverage on shares of Magellan Midstream Partners L.P. in a research note on Thursday, September 29th. They set a “neutral” rating and a $73.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Magellan Midstream Partners L.P. has an average rating of “Hold” and an average price target of $77.97.

About Magellan Midstream Partners L.P.

5 Day Chart for NYSE:MMP

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