ProVise Management Group LLC increased its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 10.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 38,136 shares of the pipeline company’s stock after purchasing an additional 3,583 shares during the period. ProVise Management Group LLC’s holdings in Magellan Midstream Partners L.P. were worth $2,710,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MMP. Alps Advisors Inc. lifted its holdings in Magellan Midstream Partners L.P. by 5.2% during the 3rd quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock worth $1,070,564,000 after purchasing an additional 745,755 shares in the last quarter. Beach Investment Management LLC. lifted its holdings in Magellan Midstream Partners L.P. by 1,479.2% during the 2nd quarter. Beach Investment Management LLC. now owns 762,331 shares of the pipeline company’s stock worth $54,331,000 after purchasing an additional 714,059 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Magellan Midstream Partners L.P. by 296.7% during the 2nd quarter. Renaissance Technologies LLC now owns 871,016 shares of the pipeline company’s stock worth $62,077,000 after purchasing an additional 651,423 shares in the last quarter. Vaughan David Investments Inc. IL lifted its holdings in Magellan Midstream Partners L.P. by 1,307.5% during the 3rd quarter. Vaughan David Investments Inc. IL now owns 281,504 shares of the pipeline company’s stock worth $23,593,000 after purchasing an additional 261,504 shares in the last quarter. Finally, Forsta AP Fonden lifted its holdings in Magellan Midstream Partners L.P. by 420.0% during the 2nd quarter. Forsta AP Fonden now owns 179,400 shares of the pipeline company’s stock worth $12,786,000 after purchasing an additional 144,900 shares in the last quarter. 55.49% of the stock is currently owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. (MMP) traded up $0.13 on Tuesday, reaching $64.98. The company had a trading volume of 1,088,700 shares, compared to its average volume of 692,770. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90. Magellan Midstream Partners L.P. has a fifty-two week low of $63.55 and a fifty-two week high of $81.77. The company has a market cap of $14,820.00, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 2.19 and a beta of 0.78.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.02. Magellan Midstream Partners L.P. had a return on equity of 40.99% and a net margin of 34.50%. The business had revenue of $551.80 million for the quarter, compared to analyst estimates of $610.12 million. During the same period last year, the company earned $0.91 EPS. Magellan Midstream Partners L.P.’s revenue for the quarter was down 3.7% compared to the same quarter last year. equities research analysts anticipate that Magellan Midstream Partners L.P. will post 3.9 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd were given a dividend of $0.905 per share. This represents a $3.62 annualized dividend and a yield of 5.57%. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Wednesday, November 1st. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is presently 97.84%.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the transaction, the insider now directly owns 19,653 shares in the company, valued at approximately $1,388,287.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.24% of the stock is owned by company insiders.

Several analysts have weighed in on the company. BidaskClub cut Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Citigroup Inc. raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Thursday, September 21st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $77.00 price target on shares of Magellan Midstream Partners L.P. in a report on Thursday, August 3rd. Finally, Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $79.04.

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Magellan Midstream Partners L.P. Profile

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

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