Wagner Bowman Management Corp reduced its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 3.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,294 shares of the company’s stock after selling 151 shares during the period. Wagner Bowman Management Corp’s holdings in Magellan Midstream Partners L.P. were worth $326,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in MMP. Independent Portfolio Consultants Inc. boosted its stake in Magellan Midstream Partners L.P. by 13.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,406 shares of the company’s stock valued at $107,000 after buying an additional 165 shares during the period. Carroll Financial Associates Inc. boosted its stake in Magellan Midstream Partners L.P. by 2.6% in the second quarter. Carroll Financial Associates Inc. now owns 1,994 shares of the company’s stock valued at $151,000 after buying an additional 50 shares during the period. Americafirst Capital Management LLC bought a new stake in Magellan Midstream Partners L.P. during the second quarter valued at about $161,000. Monetary Management Group Inc. bought a new stake in Magellan Midstream Partners L.P. during the first quarter valued at about $169,000. Finally, Independence Trust CO bought a new stake in Magellan Midstream Partners L.P. during the second quarter valued at about $203,000. 62.52% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded up 2.08% on Wednesday, reaching $69.18. 525,196 shares of the company’s stock were exchanged. Magellan Midstream Partners L.P. has a one year low of $54.51 and a one year high of $77.45. The firm has a 50 day moving average of $69.99 and a 200 day moving average of $70.84. The firm has a market capitalization of $15.76 billion, a P/E ratio of 18.55 and a beta of 0.65.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Magellan Midstream Partners L.P. had a net margin of 38.97% and a return on equity of 38.58%. The business earned $518.90 million during the quarter, compared to analyst estimates of $519.12 million. During the same quarter last year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that Magellan Midstream Partners L.P. will post $3.53 EPS for the current year.

Several equities research analysts have issued reports on the stock. Ladenburg Thalmann assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Wednesday, July 13th. They issued a “buy” rating for the company. Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Argus reaffirmed a “buy” rating and issued a $85.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, August 23rd. Wunderlich reaffirmed a “hold” rating and issued a $71.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Friday, August 5th. Finally, Morgan Stanley set a $73.00 price target on shares of Magellan Midstream Partners L.P. and gave the stock a “hold” rating in a research report on Wednesday, August 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $77.89.

About Magellan Midstream Partners L.P.

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