Sigma Planning Corp boosted its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 0.2% during the second quarter, Holdings Channel reports. The firm owned 19,158 shares of the pipeline company’s stock after buying an additional 37 shares during the period. Sigma Planning Corp’s holdings in Magellan Midstream Partners L.P. were worth $1,365,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of MMP. Crescent Grove Advisors LLC purchased a new position in shares of Magellan Midstream Partners L.P. during the second quarter valued at about $846,000. TradeLink Capital LLC purchased a new position in shares of Magellan Midstream Partners L.P. during the second quarter valued at about $314,000. National Planning Corp raised its position in shares of Magellan Midstream Partners L.P. by 3.0% in the second quarter. National Planning Corp now owns 12,547 shares of the pipeline company’s stock valued at $903,000 after buying an additional 361 shares during the period. Global X Management Co. LLC raised its position in shares of 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 valued at $54,857,000 after buying an additional 130,295 shares during the period. Finally, Tortoise Capital Advisors L.L.C. raised its position in shares of 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 valued at $963,682,000 after buying an additional 62,371 shares during the period. 62.86% of the stock is currently owned by institutional investors and hedge funds.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 67.21 on Friday. Magellan Midstream Partners L.P. has a one year low of $64.25 and a one year high of $81.77. The company has a market capitalization of $15.33 billion, a P/E ratio of 18.22 and a beta of 0.80. The firm has a 50 day moving average price of $69.93 and a 200 day moving average price of $74.38.

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, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.03. The firm 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 return on equity of 41.81% and a net margin of 34.63%. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS. On average, equities research analysts predict that Magellan Midstream Partners L.P. will post $3.91 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be issued a dividend of $0.89 per share. 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. This represents a $3.56 annualized dividend and a yield of 5.30%. Magellan Midstream Partners L.P.’s payout ratio is presently 96.74%.

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Several brokerages have recently issued reports on MMP. Stifel Nicolaus reaffirmed a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Thursday, August 3rd. BidaskClub lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Barclays PLC lowered 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 research note on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and an average target price of $79.10.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction dated 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 directly owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.24% of the stock is currently owned by 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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