Crescent Grove Advisors LLC purchased a new stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, Holdings Channel reports. The institutional investor purchased 11,866 shares of the pipeline company’s stock, valued at approximately $846,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Private Trust Co. NA increased its position in shares of Magellan Midstream Partners L.P. by 5.7% in the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock valued at $1,339,000 after buying an additional 1,009 shares during the last quarter. Morningstar Investment Services LLC increased its position in shares of Magellan Midstream Partners L.P. by 1.7% in the first quarter. Morningstar Investment Services LLC now owns 389,972 shares of the pipeline company’s stock valued at $29,993,000 after buying an additional 6,562 shares during the last quarter. Wedbush Securities Inc. increased its position in shares of Magellan Midstream Partners L.P. by 0.4% in the first quarter. Wedbush Securities Inc. now owns 10,262 shares of the pipeline company’s stock valued at $789,000 after buying an additional 39 shares during the last quarter. Heritage Wealth Advisors purchased a new position in shares of Magellan Midstream Partners L.P. during the first quarter valued at approximately $1,963,000. Finally, Brighton Jones LLC purchased a new position in shares of Magellan Midstream Partners L.P. during the first quarter valued at approximately $426,000. 62.86% of the stock is owned by hedge funds and other institutional investors.

Magellan Midstream Partners L.P. (NYSE MMP) opened at 67.37 on Friday. The company has a 50-day moving average of $69.97 and a 200-day moving average of $74.43. The stock has a market cap of $15.36 billion, a PE ratio of 18.27 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.

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

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a dividend of $0.89 per share. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a yield of 5.28%. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 96.74%.

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Several research analysts have commented on MMP shares. Macquarie started coverage on shares of Magellan Midstream Partners L.P. in a report on Friday, April 21st. They issued a “neutral” rating and a $80.00 price target for the company. Barclays PLC downgraded shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. BidaskClub raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and raised their price target for the company from $80.00 to $84.00 in a report on Thursday, May 4th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a report on Tuesday, June 20th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. The stock presently 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 on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total transaction of $600,000.00. Following the sale, the insider now owns 27,599 shares of the company’s stock, valued at $2,069,925. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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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