Epoch Investment Partners Inc. Lowers Position in Magellan Midstream Partners, L.P. (MMP)
Epoch Investment Partners Inc. lessened its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 6.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,804,695 shares of the pipeline company’s stock after selling 126,928 shares during the quarter. Epoch Investment Partners Inc. owned approximately 0.79% of Magellan Midstream Partners worth $122,214,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Magellan Midstream Partners in the 2nd quarter worth approximately $106,000. Girard Partners LTD. bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $152,000. NEXT Financial Group Inc bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $196,000. Warren Averett Asset Management LLC bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $202,000. Finally, Cypress Wealth Services LLC bought a new stake in shares of Magellan Midstream Partners in the 2nd quarter worth approximately $207,000. 65.61% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on the stock. ValuEngine cut shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, September 14th. Goldman Sachs Group cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 target price on the stock. in a report on Monday, October 8th. Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a report on Thursday, October 11th. They set a “neutral” rating and a $77.00 target price on the stock. Zacks Investment Research cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Friday, November 16th. Finally, Bank of America boosted their target price on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the company a “buy” rating in a report on Monday, November 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. Magellan Midstream Partners has an average rating of “Hold” and a consensus target price of $74.06.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. The business had revenue of $638.00 million for the quarter, compared to analysts’ expectations of $621.97 million. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, sell-side analysts expect that Magellan Midstream Partners, L.P. will post 4.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th were given a dividend of $0.9775 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend was Tuesday, November 6th. Magellan Midstream Partners’s payout ratio is 102.62%.
In other news, SVP Jeff R. Selvidge sold 5,500 shares of the business’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total transaction of $377,850.00. Following the completion of the transaction, the senior vice president now directly owns 20,380 shares in the company, valued at approximately $1,400,106. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas J. May sold 5,000 shares of the business’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total transaction of $343,450.00. Following the transaction, the insider now owns 33,000 shares of the company’s stock, valued at $2,266,770. The disclosure for this sale can be found here. Insiders have sold a total of 40,500 shares of company stock valued at $2,786,500 over the last 90 days. Company insiders own 0.26% of the company’s stock.
About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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