Gerber Kawasaki Wealth & Investment Management cut its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 11.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 9,315 shares of the pipeline company’s stock after selling 1,217 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in Magellan Midstream Partners were worth $660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of MMP. Epoch Investment Partners Inc. bought a new stake in Magellan Midstream Partners in the 3rd quarter valued at $113,875,000. Atlantic Trust Group LLC boosted its holdings in Magellan Midstream Partners by 43.4% in the 3rd quarter. Atlantic Trust Group LLC now owns 3,149,302 shares of the pipeline company’s stock valued at $223,789,000 after purchasing an additional 953,808 shares during the period. Alps Advisors Inc. boosted its holdings in Magellan Midstream Partners by 5.2% in the 3rd quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock valued at $1,070,564,000 after purchasing an additional 745,755 shares during the period. Tortoise Capital Advisors L.L.C. boosted its holdings in Magellan Midstream Partners by 5.3% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 14,238,881 shares of the pipeline company’s stock valued at $1,011,815,000 after purchasing an additional 717,317 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Magellan Midstream Partners by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,316,528 shares of the pipeline company’s stock valued at $304,574,000 after purchasing an additional 495,394 shares during the period. 61.97% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have weighed in on MMP. Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Stifel Nicolaus reissued a “hold” rating and issued a $69.00 price target on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Bank of America reduced their price target on shares of Magellan Midstream Partners from $78.00 to $77.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Royal Bank of Canada reissued a “hold” rating and issued a $79.00 price target on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Finally, Barclays reduced their price target on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $77.36.

Magellan Midstream Partners, L.P. (NYSE:MMP) opened at $67.65 on Thursday. Magellan Midstream Partners, L.P. has a one year low of $63.55 and a one year high of $81.77. The stock has a market cap of $15,603.72, a price-to-earnings ratio of 17.76, a PEG ratio of 2.26 and a beta of 0.61. The company has a quick ratio of 0.29, a current ratio of 0.50 and a debt-to-equity ratio of 1.90.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The business had revenue of $673.30 million during the quarter, compared to analyst estimates of $690.18 million. During the same quarter in the prior year, the company posted $0.93 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 3.99 earnings per share for the current year.

The company also recently announced a dividend, which will be paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Monday, February 5th. This represents a dividend yield of 0.0125170068027211%. This is a boost from Magellan Midstream Partners’s previous dividend of $0.84. Magellan Midstream Partners’s dividend payout ratio (DPR) is 96.59%.

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About Magellan Midstream Partners

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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

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