JPMorgan Chase & Co. decreased its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 7.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,341,439 shares of the company’s stock after selling 287,095 shares during the period. JPMorgan Chase & Co. owned about 1.47% of Magellan Midstream Partners L.P. worth $236,373,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MMP. Independent Portfolio Consultants Inc. raised its position in shares of Magellan Midstream Partners L.P. by 13.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,406 shares of the company’s stock valued at $107,000 after buying an additional 165 shares during the last quarter. Bellwether Investment Group LLC acquired a new position in shares of Magellan Midstream Partners L.P. during the second quarter valued at about $109,000. Enterprise Financial Services Corp raised its position in shares of Magellan Midstream Partners L.P. by 10.1% in the third quarter. Enterprise Financial Services Corp now owns 1,450 shares of the company’s stock valued at $103,000 after buying an additional 133 shares during the last quarter. Carroll Financial Associates Inc. raised its position in shares of Magellan Midstream Partners L.P. by 2.6% in the second quarter. Carroll Financial Associates Inc. now owns 1,994 shares of the company’s stock valued at $151,000 after buying an additional 50 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Magellan Midstream Partners L.P. by 26.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,096 shares of the company’s stock valued at $159,000 after buying an additional 432 shares during the last quarter. 63.75% of the stock is owned by hedge funds and other institutional investors.

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

Magellan Midstream Partners L.P. (NYSE:MMP) opened at 68.30 on Wednesday. The firm has a market capitalization of $15.56 billion, a P/E ratio of 19.57 and a beta of 0.76. Magellan Midstream Partners L.P. has a 52-week low of $54.51 and a 52-week high of $77.45. The company’s 50-day moving average is $68.52 and its 200-day moving average is $70.92.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, November 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.03. The company had revenue of $586.67 million for the quarter, compared to analyst estimates of $291.99 million. Magellan Midstream Partners L.P. had a net margin of 36.82% and a return on equity of 38.77%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.86 EPS. On average, analysts predict that Magellan Midstream Partners L.P. will post $3.55 EPS for the current year.

The firm also recently announced a dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were issued a dividend of $0.8375 per share. The ex-dividend date was Thursday, October 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous dividend of $0.70. Magellan Midstream Partners L.P.’s dividend payout ratio is 95.99%.

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Several equities analysts recently issued reports on the stock. Credit Suisse Group AG set a $74.00 price objective on shares of Magellan Midstream Partners L.P. and gave the company a “sell” rating in a report on Wednesday, August 3rd. Morgan Stanley lowered shares of Magellan Midstream Partners L.P. from an “equal” rating to an “underweight” rating and cut their price objective for the company from $73.00 to $69.00 in a report on Thursday, August 18th. Wunderlich reissued a “hold” rating and set a $71.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Friday, August 5th. Mizuho assumed coverage on shares of Magellan Midstream Partners L.P. in a report on Thursday, September 29th. They set a “neutral” rating and a $73.00 price objective on the stock. Finally, Zacks Investment Research lowered shares of Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating in a report on Thursday, October 6th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $76.23.

Magellan Midstream Partners L.P. Company Profile

5 Day Chart for NYSE:MMP

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