TIAA FSB lowered its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 9.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,602 shares of the pipeline company’s stock after selling 1,648 shares during the quarter. TIAA FSB’s holdings in Magellan Midstream Partners L.P. were worth $1,180,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Waldron LP purchased a new stake in shares of Magellan Midstream Partners L.P. during the first quarter worth about $611,000. Alliancebernstein L.P. grew its holdings in Magellan Midstream Partners L.P. by 40.6% during the 1st quarter. Alliancebernstein L.P. now owns 53,246 shares of the pipeline company’s stock valued at $4,095,000 after buying an additional 15,375 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter worth approximately $16,889,000. Archford Capital Strategies LLC boosted its holdings in shares of Magellan Midstream Partners L.P. by 22.8% in the 1st quarter. Archford Capital Strategies LLC now owns 5,558 shares of the pipeline company’s stock worth $427,000 after purchasing an additional 1,031 shares during the period. Finally, First Financial Equity Corporation purchased a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter worth approximately $643,000. 61.45% of the stock is currently owned by hedge funds and other institutional investors.
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In other news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 19,653 shares in the company, valued at $1,388,287.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.24% of the company’s stock.
MMP has been the subject of a number of recent research reports. UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “hold” rating and set a $70.00 target price (down from $73.00) on shares of Magellan Midstream Partners L.P. in a research report on Sunday, September 3rd. Mizuho reaffirmed a “sell” rating and set a $72.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Friday, October 20th. Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $77.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. Magellan Midstream Partners L.P. currently has an average rating of “Hold” and a consensus price target of $79.04.
Shares of Magellan Midstream Partners L.P. (MMP) traded down $1.12 during trading on Tuesday, hitting $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 quick ratio of 0.29, a current ratio of 0.50 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $14,920.00, a PE ratio of 17.67, a P/E/G ratio of 2.27 and a beta of 0.78. Magellan Midstream Partners L.P. has a fifty-two week low of $63.92 and a fifty-two week high of $81.77.
Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.02. The business had revenue of $551.80 million during the quarter, compared to analyst estimates of $610.12 million. Magellan Midstream Partners L.P. had a return on equity of 40.99% and a net margin of 34.50%. The business’s revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. equities analysts forecast that Magellan Midstream Partners L.P. will post 3.9 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd will be given a $0.905 dividend. This represents a $3.62 annualized dividend and a yield of 5.47%. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date is Wednesday, November 1st. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 97.84%.
About Magellan Midstream Partners L.P.
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