Ieq Capital LLC lowered its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 54.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,717 shares of the pipeline company’s stock after selling 14,111 shares during the quarter. Ieq Capital LLC’s holdings in Magellan Midstream Partners were worth $427,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $25,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $27,000. Manchester Financial Inc. purchased a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $39,000. Samalin Investment Counsel LLC purchased a new stake in Magellan Midstream Partners during the 4th quarter worth about $40,000. Finally, Islay Capital Management LLC purchased a new stake in Magellan Midstream Partners during the 4th quarter worth about $44,000. Institutional investors own 65.10% of the company’s stock.

In other news, Director Chansoo Joung acquired 13,370 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average cost of $42.11 per share, with a total value of $563,010.70. Following the purchase, the director now directly owns 20,280 shares of the company’s stock, valued at approximately $853,990.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeff R. Selvidge sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $60.74, for a total value of $151,850.00. Following the completion of the transaction, the senior vice president now directly owns 21,780 shares of the company’s stock, valued at $1,322,917.20. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upgraded Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $75.00 to $59.00 in a report on Wednesday, March 25th. Morgan Stanley upgraded Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating in a report on Monday, March 16th. Credit Suisse Group upped their price objective on Magellan Midstream Partners from $42.00 to $48.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Bank of America raised Magellan Midstream Partners from an “underperform” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Monday, March 30th. Finally, Zacks Investment Research cut Magellan Midstream Partners from a “hold” rating to a “sell” rating and set a $38.00 price objective for the company. in a research report on Monday, April 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Magellan Midstream Partners presently has an average rating of “Buy” and an average price target of $55.00.

MMP traded up $0.35 on Friday, hitting $41.84. 1,482,144 shares of the company traded hands, compared to its average volume of 2,003,896. The company has a 50 day moving average of $38.86 and a 200-day moving average of $53.55. The company has a quick ratio of 0.31, a current ratio of 0.37 and a debt-to-equity ratio of 1.69. The stock has a market capitalization of $9.33 billion, a PE ratio of 8.70 and a beta of 1.04. Magellan Midstream Partners, L.P. has a 12-month low of $22.02 and a 12-month high of $67.75.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Friday, May 1st. The pipeline company reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.25. The firm had revenue of $782.80 million during the quarter, compared to the consensus estimate of $676.67 million. Magellan Midstream Partners had a return on equity of 43.14% and a net margin of 38.20%. The firm’s revenue was up 24.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.06 EPS. On average, research analysts anticipate that Magellan Midstream Partners, L.P. will post 3.8 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were paid a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a dividend yield of 9.83%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.03. The ex-dividend date was Thursday, May 7th. Magellan Midstream Partners’s dividend payout ratio is 86.34%.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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

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