Cornerstone Advisory LLP continued to hold its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,033 shares of the pipeline company’s stock at the end of the second quarter. Cornerstone Advisory LLP’s holdings in Magellan Midstream Partners L.P. were worth $430,000 as of its most recent filing with the SEC.

A number of other large investors have also recently modified their holdings of MMP. Principal Financial Group Inc. purchased a new stake in shares of Magellan Midstream Partners L.P. during the second quarter valued at about $5,161,000. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Magellan Midstream Partners L.P. by 5.2% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 7,081 shares of the pipeline company’s stock valued at $492,000 after buying an additional 350 shares during the period. Ray Gerald L & Associates Ltd. raised its stake in shares of Magellan Midstream Partners L.P. by 7.4% in the second quarter. Ray Gerald L & Associates Ltd. now owns 90,292 shares of the pipeline company’s stock valued at $6,436,000 after buying an additional 6,250 shares during the period. Evergreen Capital Management LLC raised its stake in shares of Magellan Midstream Partners L.P. by 87.2% in the second quarter. Evergreen Capital Management LLC now owns 16,285 shares of the pipeline company’s stock valued at $1,161,000 after buying an additional 7,585 shares during the period. Finally, Suncoast Equity Management raised its stake in shares of Magellan Midstream Partners L.P. by 12.7% in the second quarter. Suncoast Equity Management now owns 4,215 shares of the pipeline company’s stock valued at $300,000 after buying an additional 475 shares during the period. 60.81% of the stock is owned by hedge funds and other institutional investors.

Magellan Midstream Partners L.P. (MMP) traded down 0.23% during mid-day trading on Wednesday, hitting $65.88. The company had a trading volume of 27,737 shares. The company has a 50 day moving average of $68.62 and a 200 day moving average of $73.37. Magellan Midstream Partners L.P. has a 1-year low of $63.92 and a 1-year high of $81.77. The firm has a market capitalization of $15.02 billion, a PE ratio of 17.86 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.03. The business had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The company’s revenue was up 19.4% on a year-over-year basis. During the same period last year, the business earned $0.82 EPS. Analysts predict that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.39%. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 96.74%.

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Several brokerages have issued reports on MMP. BidaskClub lowered Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Stifel Nicolaus reissued a “hold” rating and issued a $77.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating and issued a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $88.00 to $77.00 in a research note on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $79.40.

Magellan Midstream Partners L.P. Company Profile

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

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