Davis R M Inc. increased its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 10.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,266 shares of the pipeline company’s stock after buying an additional 843 shares during the period. Davis R M Inc.’s holdings in Magellan Midstream Partners L.P. were worth $660,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Cullen Frost Bankers Inc. increased its position in shares of Magellan Midstream Partners L.P. by 29.2% in the second quarter. Cullen Frost Bankers Inc. now owns 18,316 shares of the pipeline company’s stock worth $1,305,000 after buying an additional 4,144 shares in the last quarter. Camelot Portfolios LLC increased its position in shares of Magellan Midstream Partners L.P. by 0.3% in the second quarter. Camelot Portfolios LLC now owns 8,659 shares of the pipeline company’s stock worth $617,000 after buying an additional 28 shares in the last quarter. IFP Advisors Inc increased its position in shares of Magellan Midstream Partners L.P. by 1.7% in the second quarter. IFP Advisors Inc now owns 34,481 shares of the pipeline company’s stock worth $2,457,000 after buying an additional 568 shares in the last quarter. Callahan Advisors LLC increased its position in shares of Magellan Midstream Partners L.P. by 19.1% in the second quarter. Callahan Advisors LLC now owns 3,596 shares of the pipeline company’s stock worth $256,000 after buying an additional 576 shares in the last quarter. Finally, Lucas Capital Management increased its position in shares of Magellan Midstream Partners L.P. by 4.4% in the second quarter. Lucas Capital Management now owns 49,783 shares of the pipeline company’s stock worth $3,548,000 after buying an additional 2,118 shares in the last quarter. 62.86% of the stock is currently owned by hedge funds and other institutional investors.

Magellan Midstream Partners L.P. (MMP) opened at 69.21 on Tuesday. The company’s 50-day moving average price is $70.09 and its 200-day moving average price is $74.72. Magellan Midstream Partners L.P. has a 12 month low of $64.25 and a 12 month high of $81.77. The stock has a market cap of $15.78 billion, a P/E ratio of 18.77 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm 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 company earned $0.82 EPS. Magellan Midstream Partners L.P.’s revenue was up 19.4% on a year-over-year basis. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.92 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a $0.89 dividend. The ex-dividend date is Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a yield of 5.14%. 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 presently 96.74%.

ILLEGAL ACTIVITY WARNING: This piece of content was first published by Daily Political and is the property of of Daily Political. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of US and international copyright laws. The legal version of this piece of content can be read at https://www.dailypolitical.com/2017/08/08/davis-r-m-inc-has-660000-stake-in-magellan-midstream-partners-l-p-mmp.html.

A number of equities analysts have issued reports on the company. Stifel Nicolaus reiterated a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. BidaskClub downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada reiterated a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $88.00 to $77.00 in a research report on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Magellan Midstream Partners L.P. currently has a consensus rating of “Hold” and an average price target of $79.10.

In related news, insider Douglas J. May sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total value of $600,000.00. Following the sale, the insider now owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.24% of the stock is currently owned by corporate insiders.

About Magellan Midstream Partners L.P.

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

Receive News & Ratings for Magellan Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.