Brasada Capital Management LP Purchases 10,185 Shares of Magellan Midstream Partners, L.P. (MMP)

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Brasada Capital Management LP increased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 13.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,211 shares of the pipeline company’s stock after purchasing an additional 10,185 shares during the period. Magellan Midstream Partners makes up 1.6% of Brasada Capital Management LP’s investment portfolio, making the stock its 18th largest holding. Brasada Capital Management LP’s holdings in Magellan Midstream Partners were worth $4,805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Howe & Rusling Inc. lifted its holdings in shares of Magellan Midstream Partners by 155.1% in the 4th quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares in the last quarter. Arlington Partners LLC bought a new position in shares of Magellan Midstream Partners in the 4th quarter worth $40,000. Essex Savings Bank bought a new position in shares of Magellan Midstream Partners in the 4th quarter worth $52,000. Manchester Capital Management LLC lifted its holdings in shares of Magellan Midstream Partners by 56.3% in the 4th quarter. Manchester Capital Management LLC now owns 938 shares of the pipeline company’s stock worth $65,000 after purchasing an additional 338 shares in the last quarter. Finally, Northern Oak Wealth Management Inc. lifted 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 worth $115,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 65.61% of the company’s stock.

In other news, insider Lisa J. Korner sold 10,000 shares of the firm’s stock in a transaction on Monday, December 10th. The stock was sold at an average price of $58.14, for a total transaction of $581,400.00. Following the completion of the sale, the insider now directly owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.26% of the company’s stock.

A number of equities research analysts recently commented on the company. Zacks Investment Research raised Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a research report on Thursday, November 15th. Bank of America increased their price target on Magellan Midstream Partners from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, November 5th. 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 research report on Friday, November 2nd. Jefferies Financial Group raised Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research report on Thursday, December 20th. Finally, Barclays lowered their price target on Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, November 2nd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $71.61.

Shares of Magellan Midstream Partners stock opened at $57.05 on Tuesday. Magellan Midstream Partners, L.P. has a 1 year low of $54.25 and a 1 year high of $72.90. The firm has a market cap of $13.13 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 2.33 and a beta of 0.85. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, January 31st. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.13). Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 42.53%. The business had revenue of $865.68 million for the quarter, compared to analysts’ expectations of $710.21 million. Equities analysts expect that Magellan Midstream Partners, L.P. will post 4.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, February 7th will be given a dividend of $0.9775 per share. This represents a $3.91 annualized dividend and a dividend yield of 6.85%. The ex-dividend date is Wednesday, February 6th. Magellan Midstream Partners’s dividend payout ratio is presently 93.88%.

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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.

Further Reading: The Discount Rate – What You Need to Know

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

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