Westpac Banking Corp Increases Stock Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Westpac Banking Corp grew its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 8.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 98,709 shares of the pipeline company’s stock after buying an additional 7,600 shares during the period. Westpac Banking Corp’s holdings in Magellan Midstream Partners were worth $6,317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MMP. Comerica Securities Inc. grew its stake in shares of Magellan Midstream Partners by 72.3% during the 4th quarter. Comerica Securities Inc. now owns 5,127 shares of the pipeline company’s stock valued at $293,000 after buying an additional 2,152 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Magellan Midstream Partners during the 1st quarter valued at $759,000. TIAA FSB lifted its holdings in shares of Magellan Midstream Partners by 2.1% during the 1st quarter. TIAA FSB now owns 10,237 shares of the pipeline company’s stock valued at $621,000 after acquiring an additional 206 shares in the last quarter. Massey Quick Simon & CO. LLC lifted its holdings in shares of Magellan Midstream Partners by 308.6% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 500 shares in the last quarter. Finally, Callahan Advisors LLC acquired a new position in shares of Magellan Midstream Partners during the 1st quarter valued at $212,000. 71.00% of the stock is owned by institutional investors.

Several equities analysts recently weighed in on MMP shares. Johnson Rice started coverage on shares of Magellan Midstream Partners in a report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 target price on the stock. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Stifel Nicolaus lifted their target price on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Credit Suisse Group lifted their target price on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Finally, Bank of America lifted their target price on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $69.00.

In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total value of $254,560.00. Following the transaction, the insider now owns 23,397 shares in the company, valued at approximately $1,488,985.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company’s stock.

MMP stock traded up $0.96 during trading on Friday, reaching $66.51. The stock had a trading volume of 13,219 shares, compared to its average volume of 863,171. Magellan Midstream Partners, L.P. has a 1-year low of $54.25 and a 1-year high of $71.85. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73. The company has a market capitalization of $15.03 billion, a P/E ratio of 15.64, a PEG ratio of 2.63 and a beta of 0.74. The firm has a fifty day moving average price of $65.33 and a 200 day moving average price of $62.25.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.13. Magellan Midstream Partners had a net margin of 48.33% and a return on equity of 38.48%. The firm had revenue of $701.70 million for the quarter, compared to analyst estimates of $658.67 million. During the same quarter in the previous year, the business posted $0.94 EPS. The firm’s revenue was up 8.9% compared to the same quarter last year. Sell-side analysts predict that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a $1.013 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $4.05 dividend on an annualized basis and a yield of 6.09%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s payout ratio is currently 95.29%.

Magellan Midstream Partners Profile

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