Janney Montgomery Scott LLC reduced its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 39.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 60,884 shares of the pipeline company’s stock after selling 40,288 shares during the period. Janney Montgomery Scott LLC’s holdings in Magellan Midstream Partners were worth $2,628,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. CWM LLC boosted its position in shares of Magellan Midstream Partners by 1.5% during the 2nd quarter. CWM LLC now owns 16,423 shares of the pipeline company’s stock worth $709,000 after purchasing an additional 249 shares in the last quarter. RDA Financial Network boosted its position in shares of Magellan Midstream Partners by 3.3% in the 2nd quarter. RDA Financial Network now owns 8,418 shares of the pipeline company’s stock worth $363,000 after buying an additional 266 shares in the last quarter. First Midwest Bank Trust Division boosted its position in shares of Magellan Midstream Partners by 3.7% in the 1st quarter. First Midwest Bank Trust Division now owns 7,615 shares of the pipeline company’s stock worth $278,000 after buying an additional 270 shares in the last quarter. CFO4Life Group LLC boosted its position in shares of Magellan Midstream Partners by 4.7% in the 2nd quarter. CFO4Life Group LLC now owns 6,055 shares of the pipeline company’s stock worth $261,000 after buying an additional 273 shares in the last quarter. Finally, V Wealth Advisors LLC boosted its position in shares of Magellan Midstream Partners by 3.9% in the 1st quarter. V Wealth Advisors LLC now owns 8,319 shares of the pipeline company’s stock worth $304,000 after buying an additional 316 shares in the last quarter. Institutional investors own 64.99% of the company’s stock.

Several equities research analysts recently commented on the stock. Barclays reiterated a “buy” rating and issued a $48.00 price objective on shares of Magellan Midstream Partners in a research report on Friday, July 17th. TD Securities started coverage on shares of Magellan Midstream Partners in a report on Tuesday, June 30th. They issued a “buy” rating and a $55.00 target price on the stock. Jefferies Financial Group upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and reduced their target price for the company from $66.00 to $56.00 in a report on Tuesday, April 14th. Zacks Investment Research lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating and set a $38.00 target price on the stock. in a report on Monday, April 6th. Finally, Credit Suisse Group upped their target price on shares of Magellan Midstream Partners from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and sixteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $51.84.

In other Magellan Midstream Partners news, Director Chansoo Joung bought 13,370 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average price of $42.11 per share, with a total value of $563,010.70. Following the transaction, the director now owns 20,280 shares in the company, valued at $853,990.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

NYSE MMP opened at $40.49 on Friday. Magellan Midstream Partners, L.P. has a 12 month low of $22.02 and a 12 month high of $67.75. The company has a 50-day moving average of $42.73 and a 200-day moving average of $46.72. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.37 and a quick ratio of 0.31. The company has a market cap of $9.11 billion, a P/E ratio of 8.42 and a beta of 1.05.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.15). Magellan Midstream Partners had a net margin of 38.20% and a return on equity of 43.14%. The company had revenue of $460.40 million for the quarter, compared to analyst estimates of $576.07 million. During the same period in the prior year, the company earned $1.11 EPS. The company’s revenue was down 34.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Magellan Midstream Partners, L.P. will post 3.96 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a yield of 10.16%. The ex-dividend date of this dividend is Thursday, August 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 86.34%.

Magellan Midstream Partners Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

Read More: Compound Annual Growth Rate (CAGR)

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

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