Icon Advisers Inc. Co. raised its holdings in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 14.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,000 shares of the pipeline company’s stock after acquiring an additional 9,100 shares during the period. Icon Advisers Inc. Co.’s holdings in Magellan Midstream Partners L.P. were worth $5,274,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMP. OppenheimerFunds Inc. lifted its stake in Magellan Midstream Partners L.P. by 21.9% during the 1st quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock valued at $1,003,066,000 after acquiring an additional 2,345,950 shares during the period. Beach Investment Management LLC. lifted its stake in Magellan Midstream Partners L.P. by 1,479.2% during the 2nd quarter. Beach Investment Management LLC. now owns 762,331 shares of the pipeline company’s stock valued at $54,331,000 after acquiring an additional 714,059 shares during the period. Bank of Montreal Can lifted its stake in Magellan Midstream Partners L.P. by 34.7% during the 2nd quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock valued at $141,505,000 after acquiring an additional 511,367 shares during the period. UBS Group AG lifted its stake in Magellan Midstream Partners L.P. by 8.3% during the 1st quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after acquiring an additional 453,671 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Magellan Midstream Partners L.P. by 8.0% during the 1st quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after acquiring an additional 277,575 shares during the period. Institutional investors and hedge funds own 60.80% of the company’s stock.

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Shares of Magellan Midstream Partners L.P. (MMP) traded up 0.82% on Thursday, reaching $71.36. 140,342 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $67.79 and its 200-day moving average price is $72.37. Magellan Midstream Partners L.P. has a 52 week low of $63.92 and a 52 week high of $81.77. The stock has a market capitalization of $16.27 billion, a price-to-earnings ratio of 19.35 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.03. The firm 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 net margin of 34.63% and a return on equity of 41.81%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.82 EPS. Equities analysts predict that Magellan Midstream Partners L.P. will post $3.90 EPS for the current year.

Several equities analysts recently issued reports on the stock. UBS AG upgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Mizuho cut shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $74.00 to $72.00 in a research note on Monday, July 10th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $70.00 target price (down from $73.00) on shares of Magellan Midstream Partners L.P. in a research note on Sunday, September 3rd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Magellan Midstream Partners L.P. currently has an average rating of “Hold” and a consensus target price of $79.19.

Magellan Midstream Partners L.P. Profile

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

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