First Manhattan Co. Sells 1,901 Shares of Magellan Midstream Partners L.P. (MMP)

First Manhattan Co. lessened its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,091 shares of the pipeline company’s stock after selling 1,901 shares during the quarter. First Manhattan Co.’s holdings in Magellan Midstream Partners L.P. were worth $3,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. NEXT Financial Group Inc grew its holdings in shares of Magellan Midstream Partners L.P. by 7.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after purchasing an additional 126 shares in the last quarter. Independent Portfolio Consultants Inc. grew its holdings in shares of Magellan Midstream Partners L.P. by 4.6% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after purchasing an additional 87 shares in the last quarter. Pathstone Family Office LLC acquired a new stake in shares of Magellan Midstream Partners L.P. during the 2nd quarter worth approximately $148,000. Acrospire Investment Management LLC grew its holdings in shares of Magellan Midstream Partners L.P. by 340.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock worth $157,000 after purchasing an additional 1,700 shares in the last quarter. Finally, MCF Advisors LLC grew its holdings in shares of Magellan Midstream Partners L.P. by 1.1% during the 2nd quarter. MCF Advisors LLC now owns 3,257 shares of the pipeline company’s stock worth $232,000 after purchasing an additional 37 shares in the last quarter. 61.10% of the stock is currently owned by institutional investors.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the sale, the insider now owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.24% of the company’s stock.

Several analysts have recently weighed in on MMP shares. BidaskClub lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $88.00 to $77.00 in a report on Tuesday, July 18th. Stifel Nicolaus reissued a “hold” rating and set a $77.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Finally, Mizuho lowered Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $74.00 to $72.00 in a report on Monday, July 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $79.04.

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Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. During the same quarter last year, the business posted $0.82 EPS. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd will be issued a dividend of $0.905 per share. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Wednesday, November 1st. This represents a $3.62 annualized dividend and a dividend yield of 5.27%. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 96.74%.

About Magellan Midstream Partners L.P.

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

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