Bank of Montreal Can raised its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 34.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,985,471 shares of the pipeline company’s stock after buying an additional 511,367 shares during the period. Bank of Montreal Can owned about 0.87% of Magellan Midstream Partners L.P. worth $141,505,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of MMP. Founders Capital Management purchased a new stake in shares of Magellan Midstream Partners L.P. during the first quarter worth $109,000. Acropolis Investment Management LLC bought a new position in Magellan Midstream Partners L.P. during the first quarter valued at approximately $118,000. Catalyst Capital Advisors LLC raised its position in Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock valued at $121,000 after buying an additional 300 shares during the last quarter. Independent Portfolio Consultants Inc. raised its position in Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after buying an additional 87 shares during the last quarter. Finally, AlphaMark Advisors LLC raised its position in Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock valued at $148,000 after buying an additional 1,575 shares during the last quarter. Institutional investors own 62.87% of the company’s stock.

Magellan Midstream Partners L.P. (MMP) opened at 69.14 on Monday. The company has a 50-day moving average price of $70.09 and a 200-day moving average price of $74.72. The firm has a market cap of $15.77 billion, a PE ratio of 18.75 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The company had revenue of $619.40 million during the quarter, compared to the consensus estimate of $561.70 million. During the same quarter in the prior year, the firm earned $0.82 EPS. The company’s revenue was up 19.4% compared to the same quarter last year. On average, equities analysts predict that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be given a $0.89 dividend. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a yield of 5.15%. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 96.74%.

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Several research analysts have recently commented on MMP shares. Royal Bank Of Canada reissued a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Thursday, April 13th. Macquarie assumed coverage on Magellan Midstream Partners L.P. in a research report on Friday, April 21st. They issued a “neutral” rating and a $80.00 price target for the company. Credit Suisse Group raised Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and upped their target price for the company from $80.00 to $84.00 in a research report on Thursday, May 4th. Jefferies Group LLC assumed coverage on Magellan Midstream Partners L.P. in a research report on Thursday, June 22nd. They set a “hold” rating and a $73.00 target price on the stock. Finally, BidaskClub upgraded Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $79.10.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the sale, the insider now owns 27,599 shares in the company, valued at approximately $2,069,925. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.24% of the stock is owned by corporate insiders.

Magellan Midstream Partners L.P. Company Profile

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

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