Magellan Midstream Partners, L.P. (MMP) Holdings Reduced by Abacus Planning Group Inc.

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Abacus Planning Group Inc. cut its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 34.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,702 shares of the pipeline company’s stock after selling 1,964 shares during the quarter. Abacus Planning Group Inc.’s holdings in Magellan Midstream Partners were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Howe & Rusling Inc. grew its holdings in shares of Magellan Midstream Partners by 155.1% during the 4th quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock valued at $27,000 after purchasing an additional 287 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Magellan Midstream Partners by 132.8% during the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 304 shares during the last quarter. Arlington Partners LLC bought a new stake in shares of Magellan Midstream Partners during the 4th quarter valued at approximately $40,000. Bremer Trust National Association bought a new stake in shares of Magellan Midstream Partners during the 4th quarter valued at approximately $42,000. Finally, Essex Savings Bank bought a new stake in shares of Magellan Midstream Partners during the 4th quarter valued at approximately $52,000. 66.69% of the stock is currently owned by institutional investors.

Shares of NYSE MMP opened at $60.20 on Friday. The company has a market capitalization of $13.72 billion, a PE ratio of 14.16, a PEG ratio of 2.47 and a beta of 0.85. Magellan Midstream Partners, L.P. has a 52-week low of $54.25 and a 52-week high of $72.90. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.68 and a current ratio of 0.96.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, January 31st. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.13). The firm had revenue of $865.68 million during the quarter, compared to analyst estimates of $710.21 million. Magellan Midstream Partners had a return on equity of 40.90% and a net margin of 47.19%. On average, equities research analysts expect that Magellan Midstream Partners, L.P. will post 4.06 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, February 14th. Stockholders of record on Thursday, February 7th were given a $0.9775 dividend. The ex-dividend date of this dividend was Wednesday, February 6th. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.50%. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 93.88%.

In other news, Director Robert G. Croyle sold 2,119 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total value of $127,012.86. Following the transaction, the director now owns 3,758 shares in the company, valued at approximately $225,254.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $59.35, for a total transaction of $1,780,500.00. Following the completion of the transaction, the chief executive officer now owns 183,185 shares in the company, valued at approximately $10,872,029.75. The disclosure for this sale can be found here. Insiders sold a total of 43,696 shares of company stock worth $2,597,682 in the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Several brokerages recently issued reports on MMP. Citigroup set a $70.00 price target on shares of Magellan Midstream Partners and gave the company a “buy” rating in a report on Saturday, February 2nd. Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Evercore ISI initiated coverage on shares of Magellan Midstream Partners in a research report on Tuesday, February 5th. They set an “outperform” rating on the stock. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Thursday, November 15th. Finally, Mizuho initiated coverage on shares of Magellan Midstream Partners in a research report on Wednesday, November 28th. They set a “neutral” rating and a $67.00 target price on the stock. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $69.88.

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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.

Further Reading: Rule of 72

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

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