Chicago Partners Investment Group LLC increased its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 8.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 299,835 shares of the pipeline company’s stock after purchasing an additional 23,711 shares during the quarter. Magellan Midstream Partners makes up approximately 2.8% of Chicago Partners Investment Group LLC’s investment portfolio, making the stock its 6th largest position. Chicago Partners Investment Group LLC’s holdings in Magellan Midstream Partners were worth $18,719,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arlington Partners LLC bought a new stake in Magellan Midstream Partners during the 4th quarter worth about $40,000. Northern Oak Wealth Management Inc. raised its holdings in shares of Magellan Midstream Partners by 142.9% in the 3rd quarter. Northern Oak Wealth Management Inc. now owns 1,700 shares of the pipeline company’s stock valued at $115,000 after purchasing an additional 1,000 shares during the period. Girard Partners LTD. bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter valued at about $152,000. NEXT Financial Group Inc bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter valued at about $196,000. Finally, Warren Averett Asset Management LLC bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter valued at about $202,000. 65.52% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Lisa J. Korner sold 10,000 shares of the company’s stock in a transaction dated Monday, December 10th. The shares were sold at an average price of $58.14, for a total value of $581,400.00. Following the transaction, the insider now owns 73,257 shares in the company, valued at approximately $4,259,161.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.26% of the stock is currently owned by corporate insiders.

A number of equities research analysts have recently issued reports on MMP shares. 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 started coverage on shares of Magellan Midstream Partners in a report on Thursday, October 11th. They issued a “neutral” rating and a $77.00 target price on the stock. Wolfe Research started coverage on shares of Magellan Midstream Partners in a report on Tuesday, October 30th. They issued a “hold” rating on the stock. Finally, Citigroup dropped their target price on shares of Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $74.06.

MMP traded down $0.75 on Friday, reaching $61.68. The company had a trading volume of 763,782 shares, compared to its average volume of 1,374,201. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $75.82. The firm has a market cap of $14.27 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 2.46 and a beta of 0.78. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, November 1st. The pipeline company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The business had revenue of $638.00 million for the quarter, compared to analyst estimates of $621.97 million. During the same quarter in the prior year, the business earned $0.97 EPS. Magellan Midstream Partners’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, equities analysts forecast that Magellan Midstream Partners, L.P. will post 4.32 earnings per share for the current year.

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

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