Magellan Midstream Partners, L.P. (MMP) Position Boosted by Sheets Smith Wealth Management
Sheets Smith Wealth Management lifted its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.3% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 39,600 shares of the pipeline company’s stock after buying an additional 1,650 shares during the period. Sheets Smith Wealth Management’s holdings in Magellan Midstream Partners were worth $2,260,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. First Hawaiian Bank lifted its stake in shares of Magellan Midstream Partners by 33.6% during the fourth quarter. First Hawaiian Bank now owns 8,758 shares of the pipeline company’s stock valued at $500,000 after buying an additional 2,205 shares during the period. Arlington Partners LLC purchased a new position in Magellan Midstream Partners during the fourth quarter worth approximately $40,000. Belpointe Asset Management LLC raised its stake in Magellan Midstream Partners by 6.6% during the third quarter. Belpointe Asset Management LLC now owns 4,182 shares of the pipeline company’s stock worth $283,000 after purchasing an additional 260 shares during the period. Palo Capital Inc. purchased a new position in Magellan Midstream Partners during the third quarter worth approximately $344,000. Finally, Avitas Wealth Management LLC purchased a new position in Magellan Midstream Partners during the third quarter worth approximately $352,000. 65.52% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Lisa J. Korner sold 10,000 shares of the firm’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $58.14, for a total value of $581,400.00. Following the transaction, the insider now owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.26% of the company’s stock.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, November 1st. The pipeline company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The business had revenue of $638.00 million for the quarter, compared to the consensus estimate of $621.97 million. During the same quarter last year, the firm posted $0.97 EPS. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts expect that Magellan Midstream Partners, L.P. will post 4.32 EPS for the current fiscal year.
A number of equities analysts have weighed in on MMP shares. Bank of America increased their price target on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, November 5th. Jefferies Financial Group raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Goldman Sachs Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research note on Monday, October 8th. Credit Suisse Group started coverage on shares of Magellan Midstream Partners in a research note on Thursday, October 11th. They set a “neutral” rating and a $77.00 price target on the stock. Finally, Wells Fargo & Co cut their price target on shares of Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $74.06.
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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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