Fayez Sarofim & Co. held its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,678 shares of the company’s stock at the end of the third quarter. Fayez Sarofim & Co.’s holdings in Magellan Midstream Partners L.P. were worth $897,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Enterprise Financial Services Corp boosted its position in Magellan Midstream Partners L.P. by 10.1% in the third quarter. Enterprise Financial Services Corp now owns 1,450 shares of the company’s stock valued at $103,000 after buying an additional 133 shares during the last quarter. Bellwether Investment Group LLC bought a new position in Magellan Midstream Partners L.P. during the second quarter valued at approximately $109,000. Independent Portfolio Consultants Inc. boosted its position in Magellan Midstream Partners L.P. by 59.0% in the third quarter. Independent Portfolio Consultants Inc. now owns 2,236 shares of the company’s stock valued at $158,000 after buying an additional 830 shares during the last quarter. Carroll Financial Associates Inc. boosted its position in Magellan Midstream Partners L.P. by 24.4% in the third quarter. Carroll Financial Associates Inc. now owns 2,480 shares of the company’s stock valued at $175,000 after buying an additional 486 shares during the last quarter. Finally, Moody Lynn & Lieberson LLC bought a new position in Magellan Midstream Partners L.P. during the second quarter valued at approximately $204,000. 63.42% of the stock is currently owned by hedge funds and other institutional investors.

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

Magellan Midstream Partners L.P. (NYSE:MMP) opened at 81.03 on Friday. The stock has a 50 day moving average of $77.51 and a 200 day moving average of $71.81. The firm has a market cap of $18.46 billion, a PE ratio of 23.02 and a beta of 0.82. Magellan Midstream Partners L.P. has a 52 week low of $63.03 and a 52 week high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.08. The firm had revenue of $614.92 million for the quarter, compared to analyst estimates of $610.41 million. Magellan Midstream Partners L.P. had a net margin of 36.40% and a return on equity of 40.66%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. Analysts anticipate that Magellan Midstream Partners L.P. will post $3.82 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Friday, February 3rd were issued a $0.855 dividend. This represents a $3.42 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Wednesday, February 1st. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s payout ratio is 97.44%.

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Several research firms have commented on MMP. Wells Fargo & Company cut shares of Magellan Midstream Partners L.P. from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 11th. Raymond James Financial, Inc. cut shares of Magellan Midstream Partners L.P. to a “buy” rating and set a $73.00 target price on the stock. in a research note on Sunday, January 15th. Vetr cut shares of Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating and set a $78.61 target price on the stock. in a research note on Tuesday, January 24th. Zacks Investment Research raised shares of Magellan Midstream Partners L.P. from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a research note on Tuesday, January 24th. Finally, Ladenburg Thalmann Financial Services began coverage on shares of Magellan Midstream Partners L.P. in a research note on Monday, December 19th. They set a “buy” rating and a $80.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $78.48.

In other news, insider Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $78.67, for a total value of $786,700.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael N. Mears sold 50,000 shares of the business’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $78.74, for a total transaction of $3,937,000.00. Following the completion of the sale, the chief executive officer now owns 184,440 shares in the company, valued at approximately $14,522,805.60. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.

About Magellan Midstream Partners L.P.

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