Pinnacle Associates Ltd. Has $1.53 Million Stake in Magellan Midstream Partners, L.P. (NYSE:MMP)

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Pinnacle Associates Ltd. raised its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 13.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,852 shares of the pipeline company’s stock after acquiring an additional 2,910 shares during the period. Pinnacle Associates Ltd.’s holdings in Magellan Midstream Partners were worth $1,527,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the business. Manchester Financial Inc. bought a new stake in Magellan Midstream Partners during the second quarter worth about $25,000. CWM LLC raised its holdings in Magellan Midstream Partners by 103.7% during the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 283 shares in the last quarter. AGF Investments LLC raised its holdings in Magellan Midstream Partners by 30.6% during the second quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock worth $50,000 after acquiring an additional 182 shares in the last quarter. Investors Research Corp bought a new stake in Magellan Midstream Partners during the first quarter worth about $49,000. Finally, Putnam FL Investment Management Co. bought a new stake in Magellan Midstream Partners during the second quarter worth about $61,000. 70.17% of the stock is owned by hedge funds and other institutional investors.

Several analysts recently issued reports on the company. Johnson Rice assumed coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 target price on the stock. Credit Suisse Group upped their target price on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Bank of America upped their target price on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Raymond James upped their target price on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $69.00.

In related news, insider Jeff R. Selvidge sold 7,000 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the sale, the insider now owns 17,897 shares of the company’s stock, valued at $1,188,002.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Chansoo Joung purchased 5,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $336,400. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company’s stock.

Shares of NYSE:MMP opened at $65.95 on Friday. The company has a market capitalization of $15.38 billion, a P/E ratio of 15.52, a P/E/G ratio of 2.69 and a beta of 0.74. Magellan Midstream Partners, L.P. has a 1 year low of $54.25 and a 1 year high of $70.70. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.66 and a quick ratio of 0.38. The business’s 50 day simple moving average is $65.74 and its 200 day simple moving average is $62.43.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.13. The business had revenue of $701.70 million for the quarter, compared to the consensus estimate of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 earnings per share. On average, sell-side analysts anticipate that Magellan Midstream Partners, L.P. will post 4.32 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were given a dividend of $1.013 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $4.05 dividend on an annualized basis and a yield of 6.14%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s dividend payout ratio is currently 95.29%.

About Magellan Midstream Partners

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.

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

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