Eagle Global Advisors LLC trimmed its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 1.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,845,940 shares of the pipeline company’s stock after selling 23,763 shares during the quarter. Magellan Midstream Partners makes up approximately 4.6% of Eagle Global Advisors LLC’s investment portfolio, making the stock its 3rd largest position. Eagle Global Advisors LLC’s holdings in Magellan Midstream Partners were worth $105,329,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Tortoise Capital Advisors L.L.C. grew its holdings in Magellan Midstream Partners by 12.1% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 16,823,215 shares of the pipeline company’s stock valued at $1,139,268,000 after buying an additional 1,822,186 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Magellan Midstream Partners in the 3rd quarter valued at $88,778,000. Virtus ETF Advisers LLC purchased a new stake in Magellan Midstream Partners in the 3rd quarter valued at $35,875,000. Wells Fargo & Company MN grew its holdings in Magellan Midstream Partners by 42.4% in the 3rd quarter. Wells Fargo & Company MN now owns 1,348,835 shares of the pipeline company’s stock valued at $91,342,000 after buying an additional 401,929 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in Magellan Midstream Partners by 31.1% in the 3rd quarter. Deutsche Bank AG now owns 1,653,421 shares of the pipeline company’s stock valued at $111,967,000 after buying an additional 392,504 shares in the last quarter. Hedge funds and other institutional investors own 65.50% of the company’s stock.
In related news, insider Lisa J. Korner sold 10,000 shares of the stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $58.14, for a total transaction of $581,400.00. Following the transaction, the insider now owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by corporate insiders.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. The firm 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 company earned $0.97 EPS. Magellan Midstream Partners’s revenue was up 11.4% on a year-over-year basis. On average, research analysts forecast that Magellan Midstream Partners, L.P. will post 4.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Investors of record on Thursday, February 7th will be paid a dividend of $0.9775 per share. This represents a $3.91 annualized dividend and a yield of 6.24%. The ex-dividend date of this dividend is Wednesday, February 6th. Magellan Midstream Partners’s payout ratio is 102.62%.
A number of research firms have recently weighed in on MMP. Zacks Investment Research cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Friday, November 16th. SunTrust Banks began coverage on Magellan Midstream Partners in a report on Friday, January 18th. They set a “hold” rating and a $65.00 price target for the company. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Friday, October 19th. Citigroup lowered their price target on Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating for the company in a report on Friday, November 2nd. Finally, Wolfe Research began coverage on Magellan Midstream Partners in a report on Tuesday, October 30th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $73.53.
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Magellan Midstream Partners Profile
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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