Allianz Asset Management GmbH Increases Stake in Magellan Midstream Partners, L.P. (MMP)

Allianz Asset Management GmbH grew its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 17.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 196,235 shares of the pipeline company’s stock after purchasing an additional 29,570 shares during the period. Allianz Asset Management GmbH’s holdings in Magellan Midstream Partners were worth $13,921,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Fairview Capital Investment Management LLC increased its holdings in shares of Magellan Midstream Partners by 2.9% in the fourth quarter. Fairview Capital Investment Management LLC now owns 396,130 shares of the pipeline company’s stock valued at $28,101,000 after purchasing an additional 11,295 shares during the period. Cobblestone Capital Advisors LLC NY purchased a new stake in shares of Magellan Midstream Partners in the fourth quarter worth about $228,000. KHP Capital LLC purchased a new stake in shares of Magellan Midstream Partners in the fourth quarter worth about $1,069,000. RiverGlades Family Offices LLC purchased a new stake in shares of Magellan Midstream Partners in the fourth quarter worth about $739,000. Finally, Allen Capital Group LLC purchased a new stake in shares of Magellan Midstream Partners in the fourth quarter worth about $1,016,000. 62.34% of the stock is currently owned by institutional investors and hedge funds.

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A number of analysts have recently commented on the company. UBS Group upped their target price on Magellan Midstream Partners from $80.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, March 2nd. Stifel Nicolaus restated a “hold” rating and issued a $69.00 target price on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Royal Bank of Canada restated a “hold” rating and issued a $79.00 target price on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Finally, Bank of America assumed coverage on Magellan Midstream Partners in a research note on Tuesday, January 9th. They issued a “buy” rating on the stock. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $77.27.

Magellan Midstream Partners, L.P. (MMP) opened at $63.29 on Friday. The stock has a market capitalization of $14,590.00, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 2.55 and a beta of 0.71. The company has a current ratio of 0.73, a quick ratio of 0.51 and a debt-to-equity ratio of 2.01. Magellan Midstream Partners, L.P. has a 1 year low of $62.31 and a 1 year high of $78.48.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). The business had revenue of $673.30 million for the quarter, compared to analysts’ expectations of $690.18 million. Magellan Midstream Partners had a return on equity of 40.85% and a net margin of 34.67%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.93 EPS. equities analysts forecast that Magellan Midstream Partners, L.P. will post 3.99 EPS for the current fiscal year.

The firm also recently declared a dividend, which was paid on Wednesday, February 14th. Shareholders of record on Tuesday, February 6th were given a dividend of $0.92 per share. The ex-dividend date was Monday, February 5th. This represents a yield of 0.0125170068027211%. This is an increase from Magellan Midstream Partners’s previous dividend of $0.84. Magellan Midstream Partners’s dividend payout ratio is currently 96.59%.

In other Magellan Midstream Partners news, CEO Michael N. Mears sold 10,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $68.00, for a total transaction of $680,000.00. Following the transaction, the chief executive officer now owns 196,473 shares in the company, valued at $13,360,164. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael N. Mears sold 22,251 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $68.03, for a total value of $1,513,735.53. Following the transaction, the chief executive officer now owns 196,473 shares in the company, valued at approximately $13,366,058.19. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

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Magellan Midstream Partners Profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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

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