Mengis Capital Management Inc. continued to hold its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, Holdings Channel reports. The firm owned 5,900 shares of the pipeline company’s stock at the end of the second quarter. Mengis Capital Management Inc.’s holdings in Magellan Midstream Partners L.P. were worth $420,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Global X Management Co. LLC increased its stake in Magellan Midstream Partners L.P. by 20.4% in the second quarter. Global X Management Co. LLC now owns 769,708 shares of the pipeline company’s stock worth $54,857,000 after buying an additional 130,295 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in Magellan Midstream Partners L.P. by 0.5% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 13,521,564 shares of the pipeline company’s stock worth $963,682,000 after buying an additional 62,371 shares in the last quarter. Davis R M Inc. increased its stake in Magellan Midstream Partners L.P. by 10.0% in the second quarter. Davis R M Inc. now owns 9,266 shares of the pipeline company’s stock worth $660,000 after buying an additional 843 shares in the last quarter. Cullen Frost Bankers Inc. increased its stake in 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. Finally, Camelot Portfolios LLC increased its stake in 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. Institutional investors and hedge funds own 62.86% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) opened at 67.50 on Wednesday. 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 market cap of $15.39 billion, a P/E ratio of 18.30 and a beta of 0.80. The stock’s 50 day moving average is $70.06 and its 200 day moving average is $74.61.

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

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date of this dividend is Thursday, July 27th. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 96.74%.

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MMP has been the subject of a number of recent analyst reports. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Thursday, April 13th. Macquarie initiated coverage on shares of Magellan Midstream Partners L.P. in a research report on Friday, April 21st. They set a “neutral” rating and a $80.00 target price for the company. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and increased their target price for the company from $80.00 to $84.00 in a research report on Thursday, May 4th. Jefferies Group LLC initiated coverage on shares of Magellan Midstream Partners L.P. in a research report on Thursday, June 22nd. They set a “hold” rating and a $73.00 target price for the company. Finally, BidaskClub raised shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Four equities research 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. The stock currently has a consensus rating of “Hold” and an average target price 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 transaction of $600,000.00. Following the completion of the transaction, the insider now owns 27,599 shares in the company, valued at $2,069,925. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.24% of the stock is owned by corporate insiders.

Magellan Midstream Partners L.P. Company Profile

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

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