Bradley Foster & Sargent Inc. CT trimmed its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 2.7% in the first quarter, HoldingsChannel.com reports. The firm owned 178,156 shares of the pipeline company’s stock after selling 4,909 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Magellan Midstream Partners were worth $10,802,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Magellan Midstream Partners by 0.9% in the 3rd quarter. BlackRock Inc. now owns 1,036,969 shares of the pipeline company’s stock worth $70,224,000 after buying an additional 9,255 shares during the last quarter. Belpointe Asset Management LLC raised its position in Magellan Midstream Partners by 6.6% in the 3rd quarter. Belpointe Asset Management LLC now owns 4,182 shares of the pipeline company’s stock worth $283,000 after buying an additional 260 shares during the last quarter. Arlington Partners LLC purchased a new position in Magellan Midstream Partners in the 4th quarter worth about $40,000. First Hawaiian Bank raised its position in Magellan Midstream Partners by 33.6% in the 4th quarter. First Hawaiian Bank now owns 8,758 shares of the pipeline company’s stock worth $500,000 after buying an additional 2,205 shares during the last quarter. Finally, Sheets Smith Wealth Management raised its position in Magellan Midstream Partners by 4.3% in the 4th quarter. Sheets Smith Wealth Management now owns 39,600 shares of the pipeline company’s stock worth $2,260,000 after buying an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 67.18% of the company’s stock.
A number of equities analysts have weighed in on MMP shares. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Monday, January 7th. SunTrust Banks started coverage on shares of Magellan Midstream Partners in a research report on Friday, January 18th. They set a “hold” rating and a $65.00 price target for the company. Jefferies Financial Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Wolfe Research lowered shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 price target for the company. in a research report on Friday, February 1st. Finally, Citigroup set a $70.00 price target on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research report on Saturday, February 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of “Hold” and an average price target of $69.38.
NYSE MMP opened at $61.77 on Tuesday. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $72.90. The stock has a market cap of $14.07 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 2.63 and a beta of 0.85. The company has a quick ratio of 0.39, a current ratio of 0.70 and a debt-to-equity ratio of 1.69.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.06. The firm had revenue of $628.90 million during the quarter, compared to analyst estimates of $692.56 million. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 EPS. Sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 3.9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th will be issued a $1.005 dividend. This represents a $4.02 annualized dividend and a yield of 6.51%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, May 7th. Magellan Midstream Partners’s dividend payout ratio is currently 93.88%.
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Magellan Midstream Partners Company Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates diesel fuel, kerosene, heating oil, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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