Chicago Partners Investment Group LLC cut its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 8.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 141,445 shares of the pipeline company’s stock after selling 13,241 shares during the period. Magellan Midstream Partners L.P. comprises approximately 2.7% of Chicago Partners Investment Group LLC’s holdings, making the stock its 7th largest position. Chicago Partners Investment Group LLC’s holdings in Magellan Midstream Partners L.P. were worth $10,444,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Founders Capital Management acquired a new position in Magellan Midstream Partners L.P. during the first quarter worth approximately $109,000. Catalyst Capital Advisors LLC boosted its stake in Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after buying an additional 300 shares during the last quarter. NEXT Financial Group Inc boosted its stake in Magellan Midstream Partners L.P. by 7.5% in the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after buying an additional 126 shares during the last quarter. AlphaMark Advisors LLC boosted its stake in Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock worth $148,000 after buying an additional 1,575 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. boosted its stake in Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after buying an additional 87 shares during the last quarter. 62.87% of the stock is owned by hedge funds and other institutional investors.

Shares of Magellan Midstream Partners L.P. (MMP) opened at 69.14 on Friday. The company has a market capitalization of $15.77 billion, a PE ratio of 18.75 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12 month low of $64.25 and a 12 month high of $81.77. The firm has a 50-day moving average of $70.09 and a 200 day moving average of $74.72.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The business had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. During the same quarter in the prior year, the firm posted $0.82 earnings per share. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, equities research analysts expect that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 5.15%. The ex-dividend date is Thursday, July 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s dividend payout ratio is 96.74%.

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A number of equities research analysts have issued reports on the company. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Thursday, April 13th. Macquarie assumed coverage on Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They issued a “neutral” rating and a $80.00 target price on the stock. Credit Suisse Group upgraded Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and raised their target price for the company from $80.00 to $84.00 in a research note on Thursday, May 4th. Stifel Nicolaus reiterated a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Finally, Barclays PLC cut Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $88.00 to $77.00 in a research note on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and an average target price of $79.10.

In other news, insider Douglas J. May sold 8,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the transaction, the insider now owns 27,599 shares of the company’s stock, valued at $2,069,925. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.24% of the company’s stock.

About Magellan Midstream Partners L.P.

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

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