State of New Jersey Common Pension Fund D Has $23 Million Stake in Magellan Midstream Partners L.P. (MMP)

State of New Jersey Common Pension Fund D grew its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 53.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 323,600 shares of the pipeline company’s stock after buying an additional 113,400 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.14% of Magellan Midstream Partners L.P. worth $22,995,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank increased its holdings in shares of Magellan Midstream Partners L.P. by 283.4% in the 3rd quarter. Huntington National Bank now owns 34,553 shares of the pipeline company’s stock valued at $2,455,000 after purchasing an additional 25,540 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Magellan Midstream Partners L.P. by 9.0% during the 3rd quarter. First Trust Advisors LP now owns 117,625 shares of the pipeline company’s stock worth $8,358,000 after purchasing an additional 9,702 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Magellan Midstream Partners L.P. by 27.8% during the 3rd quarter. Raymond James Trust N.A. now owns 12,984 shares of the pipeline company’s stock worth $922,000 after purchasing an additional 2,828 shares during the last quarter. Edge Wealth Management LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 75.5% during the 3rd quarter. Edge Wealth Management LLC now owns 26,675 shares of the pipeline company’s stock worth $1,881,000 after purchasing an additional 11,475 shares during the last quarter. Finally, Huntington Steele LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 8.1% during the 3rd quarter. Huntington Steele LLC now owns 109,626 shares of the pipeline company’s stock worth $7,790,000 after purchasing an additional 8,201 shares during the last quarter. Institutional investors and hedge funds own 61.45% of the company’s stock.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the transaction, the insider now directly owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.24% of the stock is owned by corporate insiders.

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Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded down $1.12 during midday trading on Tuesday, reaching $66.22. The company’s stock had a trading volume of 867,400 shares, compared to its average volume of 682,874. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.50 and a quick ratio of 0.29. Magellan Midstream Partners L.P. has a 52-week low of $63.92 and a 52-week high of $81.77. The firm has a market cap of $14,920.00, a PE ratio of 17.67, a PEG ratio of 2.27 and a beta of 0.78.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. Magellan Midstream Partners L.P. had a return on equity of 40.99% and a net margin of 34.50%. The business had revenue of $551.80 million for the quarter, compared to analyst estimates of $610.12 million. During the same quarter in the previous year, the company posted $0.91 EPS. Magellan Midstream Partners L.P.’s quarterly revenue was down 3.7% compared to the same quarter last year. equities research analysts expect that Magellan Midstream Partners L.P. will post 3.9 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd will be given a dividend of $0.905 per share. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Wednesday, November 1st. This represents a $3.62 annualized dividend and a dividend yield of 5.47%. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 97.84%.

Several equities research analysts recently issued reports on MMP shares. Mizuho reissued a “sell” rating and issued a $72.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Friday, October 20th. Jefferies Group LLC reiterated a “hold” rating and set a $70.00 price objective (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research note on Sunday, September 3rd. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $88.00 to $77.00 in a research note on Tuesday, July 18th. BidaskClub cut shares of Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Finally, UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $79.04.

Magellan Midstream Partners L.P. Profile

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

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