Glassy Mountain Advisors Inc. Buys Shares of 2,215 Magellan Midstream Partners, L.P. (NYSE:MMP)

Glassy Mountain Advisors Inc. bought a new stake in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,215 shares of the pipeline company’s stock, valued at approximately $111,000.

Several other hedge funds have also recently added to or reduced their stakes in MMP. Phocas Financial Corp. acquired a new position in Magellan Midstream Partners in the fourth quarter valued at about $35,000. Private Trust Co. NA acquired a new position in Magellan Midstream Partners in the second quarter valued at about $41,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Magellan Midstream Partners in the third quarter valued at about $52,000. Vigilant Capital Management LLC acquired a new position in Magellan Midstream Partners in the third quarter valued at about $52,000. Finally, Coston McIsaac & Partners acquired a new position in Magellan Midstream Partners in the third quarter valued at about $57,000. Institutional investors and hedge funds own 51.06% of the company’s stock.

Magellan Midstream Partners Stock Down 0.1 %

Magellan Midstream Partners stock traded down $0.06 during midday trading on Friday, reaching $52.60. The stock had a trading volume of 3,801,039 shares, compared to its average volume of 865,592. The firm’s fifty day simple moving average is $53.22 and its 200-day simple moving average is $51.49. Magellan Midstream Partners, L.P. has a 1-year low of $44.79 and a 1-year high of $60.55. The stock has a market capitalization of $10.69 billion, a P/E ratio of 10.63, a price-to-earnings-growth ratio of 7.93 and a beta of 0.92. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.49 and a current ratio of 0.98.

Magellan Midstream Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Investors of record on Tuesday, February 7th were given a $1.048 dividend. This represents a $4.19 dividend on an annualized basis and a yield of 7.97%. The ex-dividend date of this dividend was Monday, February 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.05. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 84.65%.

Wall Street Analysts Forecast Growth

MMP has been the topic of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $59.00 target price on shares of Magellan Midstream Partners in a research note on Wednesday. Barclays raised Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $59.00 price target on the stock in a research report on Wednesday, January 18th. Wells Fargo & Company raised their price target on Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 7th. StockNews.com began coverage on Magellan Midstream Partners in a research report on Thursday. They set a “hold” rating on the stock. Finally, Raymond James raised their price target on Magellan Midstream Partners from $55.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $56.27.

Magellan Midstream Partners Company Profile

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.