L & S Advisors Inc raised its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 11.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 24,136 shares of the pipeline company’s stock after acquiring an additional 2,414 shares during the quarter. L & S Advisors Inc’s holdings in Magellan Midstream Partners were worth $1,377,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Lehman & Derafelo Financial Resources LLC bought a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $3,193,000. Claybrook Capital LLC bought a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $133,000. ERTS Wealth Advisors LLC bought a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $783,000. Semmax Financial Advisors Inc. bought a new position in Magellan Midstream Partners during the fourth quarter worth $270,000. Finally, Partners Group Holding AG boosted its stake in Magellan Midstream Partners by 4.0% during the fourth quarter. Partners Group Holding AG now owns 25,502 shares of the pipeline company’s stock worth $1,455,000 after acquiring an additional 981 shares in the last quarter. Hedge funds and other institutional investors own 66.69% of the company’s stock.
Several brokerages recently issued reports on MMP. Citigroup set a $70.00 target price on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Jefferies Financial Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Evercore ISI began coverage on shares of Magellan Midstream Partners in a research note on Tuesday, February 5th. They set an “outperform” rating on the stock. Zacks Investment Research raised 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 note on Thursday, November 15th. Finally, Mizuho began coverage on shares of Magellan Midstream Partners in a research note on Wednesday, November 28th. They set a “neutral” rating and a $67.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners presently has an average rating of “Hold” and a consensus price target of $69.88.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.13). Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. The business had revenue of $865.68 million during the quarter, compared to the consensus estimate of $710.21 million. On average, research analysts forecast that Magellan Midstream Partners, L.P. will post 4.06 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 14th. Shareholders of record on Thursday, February 7th were paid a $0.9775 dividend. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend was Wednesday, February 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 93.88%.
In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of the firm’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $59.35, for a total value of $1,780,500.00. Following the transaction, the chief executive officer now directly owns 183,185 shares of the company’s stock, valued at $10,872,029.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lisa J. Korner sold 6,958 shares of the firm’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $59.29, for a total transaction of $412,539.82. Following the completion of the transaction, the insider now directly owns 74,517 shares in the company, valued at $4,418,112.93. The disclosure for this sale can be found here. Insiders sold 43,696 shares of company stock worth $2,597,682 over the last ninety days. Insiders own 0.26% of the company’s stock.
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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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