Walter & Keenan Financial Consulting Co. MI ADV lifted its holdings in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 11.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,129 shares of the pipeline company’s stock after buying an additional 1,579 shares during the period. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Magellan Midstream Partners L.P. were worth $1,075,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMP. Fisher Asset Management LLC bought a new position in Magellan Midstream Partners L.P. in the 2nd quarter worth about $273,000. Aperio Group LLC grew its position in Magellan Midstream Partners L.P. by 13.0% in the 2nd quarter. Aperio Group LLC now owns 8,985 shares of the pipeline company’s stock worth $640,000 after purchasing an additional 1,036 shares during the last quarter. US Bancorp DE grew its position in Magellan Midstream Partners L.P. by 2.9% in the 2nd quarter. US Bancorp DE now owns 107,969 shares of the pipeline company’s stock worth $7,695,000 after purchasing an additional 2,998 shares during the last quarter. Forsta AP Fonden grew its position in Magellan Midstream Partners L.P. by 420.0% in the 2nd quarter. Forsta AP Fonden now owns 179,400 shares of the pipeline company’s stock worth $12,786,000 after purchasing an additional 144,900 shares during the last quarter. Finally, Gilman Hill Asset Management LLC grew its position in Magellan Midstream Partners L.P. by 5.8% in the 2nd quarter. Gilman Hill Asset Management LLC now owns 44,485 shares of the pipeline company’s stock worth $3,170,000 after purchasing an additional 2,450 shares during the last quarter. Hedge funds and other institutional investors own 55.49% of the company’s stock.

Several research firms have commented on MMP. Mizuho restated a “sell” rating and issued a $72.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Friday, October 20th. Citigroup Inc. 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 report on Thursday, September 21st. Jefferies Group LLC restated a “hold” rating and issued a $70.00 target price (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research report on Sunday, September 3rd. BidaskClub cut shares of Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $77.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $79.04.

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Magellan Midstream Partners L.P. (MMP) traded up $0.09 during mid-day trading on Tuesday, reaching $65.07. 609,180 shares of the company traded hands, compared to its average volume of 692,770. Magellan Midstream Partners L.P. has a fifty-two week low of $63.55 and a fifty-two week high of $81.77. The firm has a market capitalization of $14,820.00, a price-to-earnings ratio of 17.02, a PEG ratio of 2.19 and a beta of 0.78. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.95 by $0.02. Magellan Midstream Partners L.P. had a net margin of 34.50% and a return on equity of 40.99%. The business had revenue of $551.80 million during the quarter, compared to analyst estimates of $610.12 million. During the same period in the prior year, the business earned $0.91 earnings per share. The business’s quarterly revenue was down 3.7% on a year-over-year basis. equities analysts forecast that Magellan Midstream Partners L.P. will post 3.9 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd were paid a dividend of $0.905 per share. The ex-dividend date was Wednesday, November 1st. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. This represents a $3.62 annualized dividend and a yield of 5.56%. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 97.84%.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $70.64, for a total transaction of $353,200.00. Following the completion of the sale, the insider now directly owns 19,653 shares of the company’s stock, valued at $1,388,287.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.24% of the stock is owned by corporate insiders.

Magellan Midstream Partners L.P. Profile

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

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