Ieq Capital LLC Trims Stake in Magellan Midstream Partners, L.P. (NYSE:MMP)
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.
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.
Recommended Story: Understanding the two types of arbitrage
Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP).
Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.