Beacon Financial Group lessened its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 16.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 28,432 shares of the pipeline company’s stock after selling 5,655 shares during the period. Beacon Financial Group’s holdings in Magellan Midstream Partners were worth $1,724,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Harvest Fund Advisors LLC raised its holdings in Magellan Midstream Partners by 3.7% during the 4th quarter. Harvest Fund Advisors LLC now owns 7,561,427 shares of the pipeline company’s stock valued at $431,455,000 after buying an additional 267,644 shares during the period. Centric Wealth Management bought a new stake in Magellan Midstream Partners during the fourth quarter valued at about $292,000. Rothschild Investment Corp IL boosted its position in Magellan Midstream Partners by 29.9% during the fourth quarter. Rothschild Investment Corp IL now owns 49,100 shares of the pipeline company’s stock valued at $2,802,000 after purchasing an additional 11,300 shares in the last quarter. Tortoise Index Solutions LLC boosted its position in Magellan Midstream Partners by 110.5% during the fourth quarter. Tortoise Index Solutions LLC now owns 83,210 shares of the pipeline company’s stock valued at $4,748,000 after purchasing an additional 43,677 shares in the last quarter. Finally, United Income Inc. bought a new stake in Magellan Midstream Partners during the fourth quarter valued at about $986,000. Institutional investors own 66.71% of the company’s stock.

Shares of NYSE:MMP traded down $0.57 during trading on Thursday, hitting $61.35. The stock had a trading volume of 5,276 shares, compared to its average volume of 1,015,449. Magellan Midstream Partners, L.P. has a 12-month low of $54.25 and a 12-month high of $72.90. The stock has a market cap of $14.14 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.58 and a beta of 0.85. The company has a quick ratio of 0.68, a current ratio of 0.96 and a debt-to-equity ratio of 1.59.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.13). The firm had revenue of $865.68 million during the quarter, compared to analysts’ expectations of $710.21 million. Magellan Midstream Partners had a return on equity of 40.90% and a net margin of 47.19%. As a group, equities analysts anticipate that Magellan Midstream Partners, L.P. will post 4.04 EPS for the current fiscal year.

MMP has been the topic of a number of recent research reports. Zacks Investment Research raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Tuesday. SunTrust Banks initiated coverage on Magellan Midstream Partners in a research note on Friday, January 18th. They issued a “hold” rating and a $65.00 price objective for the company. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Monday, January 7th. Credit Suisse Group reduced their price objective on Magellan Midstream Partners from $76.00 to $68.00 and set a “neutral” rating for the company in a research note on Monday, February 11th. Finally, Bank of America cut Magellan Midstream Partners from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $69.00 to $62.00 in a research note on Wednesday, February 27th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $69.43.

In related news, CEO Michael N. Mears sold 30,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $59.35, for a total transaction of $1,780,500.00. Following the completion of the transaction, the chief executive officer now directly owns 183,185 shares in the company, valued at $10,872,029.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert G. Croyle sold 2,119 shares of Magellan Midstream Partners stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total value of $127,012.86. Following the transaction, the director now owns 3,758 shares of the company’s stock, valued at $225,254.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,696 shares of company stock valued at $2,597,682. 0.26% of the stock is owned by company insiders.

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Magellan Midstream Partners Company 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 diesel fuel, kerosene, heating oil, 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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