Avidian Wealth Solutions LLC Acquires Shares of 5,820 Magellan Midstream Partners, L.P. (NYSE:MMP)

Avidian Wealth Solutions LLC acquired a new stake in Magellan Midstream Partners, L.P. (NYSE:MMP) during the third quarter, Holdings Channel.com reports. The fund acquired 5,820 shares of the pipeline company’s stock, valued at approximately $265,000.

Several other institutional investors have also added to or reduced their stakes in MMP. Insight Folios Inc raised its holdings in shares of Magellan Midstream Partners by 18.5% in the third quarter. Insight Folios Inc now owns 103,807 shares of the pipeline company’s stock valued at $4,732,000 after purchasing an additional 16,210 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. purchased a new stake in Magellan Midstream Partners during the second quarter worth about $26,000. Gryphon Financial Partners LLC purchased a new stake in Magellan Midstream Partners during the second quarter worth about $206,000. Virtu Financial LLC increased its holdings in Magellan Midstream Partners by 196.1% during the second quarter. Virtu Financial LLC now owns 23,990 shares of the pipeline company’s stock worth $1,173,000 after buying an additional 15,889 shares during the last quarter. Finally, Fairview Capital Investment Management LLC increased its holdings in Magellan Midstream Partners by 3.9% during the second quarter. Fairview Capital Investment Management LLC now owns 555,172 shares of the pipeline company’s stock worth $27,153,000 after buying an additional 20,880 shares during the last quarter. 54.62% of the stock is currently owned by hedge funds and other institutional investors.

MMP stock opened at $49.63 on Friday. The company has a market capitalization of $10.59 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 1.44 and a beta of 1.13. Magellan Midstream Partners, L.P. has a one year low of $39.93 and a one year high of $53.85. The company’s 50 day moving average price is $46.61 and its two-hundred day moving average price is $47.47. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.88 and a current ratio of 1.22.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Tuesday, November 2nd. The pipeline company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.96 by $0.12. Magellan Midstream Partners had a net margin of 36.31% and a return on equity of 44.78%. The company had revenue of $639.05 million for the quarter, compared to the consensus estimate of $648.14 million. During the same period in the previous year, the firm earned $0.97 earnings per share. On average, research analysts predict that Magellan Midstream Partners, L.P. will post 4.39 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 12th. Investors of record on Friday, November 5th were paid a $1.038 dividend. This represents a $4.15 annualized dividend and a dividend yield of 8.37%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Thursday, November 4th. Magellan Midstream Partners’s payout ratio is presently 100.00%.

Several research firms have recently weighed in on MMP. Barclays lifted their target price on shares of Magellan Midstream Partners from $50.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 19th. Wells Fargo & Company reduced their target price on shares of Magellan Midstream Partners from $54.00 to $52.00 and set an “equal weight” rating for the company in a research note on Thursday, December 16th. Mizuho lifted their target price on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, November 11th. Raymond James lifted their target price on shares of Magellan Midstream Partners from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, October 18th. Finally, Citigroup downgraded shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 3rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Magellan Midstream Partners currently has a consensus rating of “Hold” and a consensus price target of $49.43.

In related news, SVP Melanie A. Little sold 4,776 shares of Magellan Midstream Partners stock in a transaction on Tuesday, December 21st. The shares were sold at an average price of $44.25, for a total value of $211,338.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by insiders.

Magellan Midstream Partners Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. 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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