First Trust Advisors LP lowered its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 23.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,710 shares of the pipeline company’s stock after selling 25,501 shares during the period. First Trust Advisors LP’s holdings in Magellan Midstream Partners were worth $5,714,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Alps Advisors Inc. increased its position in shares of Magellan Midstream Partners by 1.1% during the 2nd quarter. Alps Advisors Inc. now owns 14,866,209 shares of the pipeline company’s stock valued at $1,054,609,000 after purchasing an additional 158,679 shares during the period. Tortoise Capital Advisors L.L.C. increased its position in shares of Magellan Midstream Partners by 4.2% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 14,648,222 shares of the pipeline company’s stock valued at $854,724,000 after purchasing an additional 593,762 shares during the period. UBS Group AG increased its position in shares of Magellan Midstream Partners by 21.2% during the 1st quarter. UBS Group AG now owns 4,998,567 shares of the pipeline company’s stock valued at $291,667,000 after purchasing an additional 875,208 shares during the period. JPMorgan Chase & Co. increased its position in shares of Magellan Midstream Partners by 3.8% during the 1st quarter. JPMorgan Chase & Co. now owns 4,715,310 shares of the pipeline company’s stock valued at $275,137,000 after purchasing an additional 172,921 shares during the period. Finally, Summit Trail Advisors LLC increased its position in shares of Magellan Midstream Partners by 5,724.2% during the 1st quarter. Summit Trail Advisors LLC now owns 3,536,193 shares of the pipeline company’s stock valued at $3,536,000 after purchasing an additional 3,475,477 shares during the period. 63.96% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE MMP opened at $69.19 on Wednesday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.31 and a current ratio of 0.54. The firm has a market capitalization of $16.07 billion, a P/E ratio of 18.16, a P/E/G ratio of 2.81 and a beta of 0.80. Magellan Midstream Partners, L.P. has a 52-week low of $54.82 and a 52-week high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.04. The business had revenue of $644.10 million for the quarter, compared to analysts’ expectations of $662.37 million. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. research analysts expect that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Stockholders of record on Tuesday, August 7th were issued a dividend of $0.957 per share. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date was Monday, August 6th. This represents a $3.83 dividend on an annualized basis and a dividend yield of 5.53%. Magellan Midstream Partners’s payout ratio is currently 100.52%.

Several equities analysts have recently issued reports on MMP shares. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Barclays lifted their price target on Magellan Midstream Partners from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 11th. BMO Capital Markets reiterated a “buy” rating and set a $85.00 price target on shares of Magellan Midstream Partners in a research report on Friday, July 13th. Zacks Investment Research upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Monday, July 16th. Finally, Jefferies Financial Group cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Magellan Midstream Partners presently has a consensus rating of “Hold” and an average target price of $74.92.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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

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