Brasada Capital Management LP Has $5.01 Million Holdings in Magellan Midstream Partners, L.P. (MMP)
Brasada Capital Management LP raised its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 8.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,026 shares of the pipeline company’s stock after acquiring an additional 5,730 shares during the period. Magellan Midstream Partners makes up about 1.4% of Brasada Capital Management LP’s portfolio, making the stock its 25th biggest holding. Brasada Capital Management LP’s holdings in Magellan Midstream Partners were worth $5,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Global X Management Co LLC raised its holdings in shares of Magellan Midstream Partners by 7.4% during the 2nd quarter. Global X Management Co LLC now owns 1,218,874 shares of the pipeline company’s stock worth $84,200,000 after buying an additional 83,828 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Magellan Midstream Partners during the 2nd quarter worth $19,419,000. Northstar Investment Advisors LLC raised its holdings in shares of Magellan Midstream Partners by 2.5% during the 3rd quarter. Northstar Investment Advisors LLC now owns 116,405 shares of the pipeline company’s stock worth $7,883,000 after buying an additional 2,890 shares in the last quarter. Kovack Advisors Inc. acquired a new position in shares of Magellan Midstream Partners during the 3rd quarter worth $270,000. Finally, Sei Investments Co. raised its holdings in shares of Magellan Midstream Partners by 212.1% during the 2nd quarter. Sei Investments Co. now owns 151,665 shares of the pipeline company’s stock worth $10,477,000 after buying an additional 103,070 shares in the last quarter. 63.29% of the stock is owned by hedge funds and other institutional investors.
NYSE MMP opened at $61.13 on Wednesday. Magellan Midstream Partners, L.P. has a 12 month low of $54.82 and a 12 month high of $75.82. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 2.37 and a beta of 0.82. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Wednesday, November 7th will be given a dividend of $0.9775 per share. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.40%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 102.62%.
A number of research firms have recently commented on MMP. Zacks Investment Research cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Thursday, July 19th. Barclays boosted their price target on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Monday, August 6th. Wells Fargo & Co lowered their price target on Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating for the company in a report on Tuesday, November 6th. Credit Suisse Group began coverage on Magellan Midstream Partners in a report on Thursday, October 11th. They set a “neutral” rating and a $77.00 price target for the company. Finally, ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of “Hold” and a consensus target price of $74.44.
In related news, SVP Jeff R. Selvidge sold 5,500 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total transaction of $377,850.00. Following the completion of the sale, the senior vice president now directly owns 20,380 shares of the company’s stock, valued at $1,400,106. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas J. May sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total value of $343,450.00. Following the sale, the insider now directly owns 33,000 shares of the company’s stock, valued at $2,266,770. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock valued at $2,786,500 over the last ninety days. 0.26% of the stock is currently owned by company insiders.
Magellan Midstream Partners Profile
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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