Commonwealth of Pennsylvania Public School Empls Retrmt SYS Purchases 325,586 Shares of Magellan Midstream Partners, L.P. (MMP)

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Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 18.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,056,277 shares of the pipeline company’s stock after buying an additional 325,586 shares during the quarter. Magellan Midstream Partners makes up about 2.0% of Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s investment portfolio, making the stock its 9th largest holding. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.90% of Magellan Midstream Partners worth $139,251,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of MMP. Legacy Advisors LLC increased its position in Magellan Midstream Partners by 87.3% in the 2nd quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock worth $107,000 after buying an additional 721 shares during the period. Pegasus Asset Management Inc. increased its position in Magellan Midstream Partners by 2.3% in the 2nd quarter. Pegasus Asset Management Inc. now owns 34,861 shares of the pipeline company’s stock worth $2,408,000 after buying an additional 784 shares during the period. ACG Wealth increased its position in Magellan Midstream Partners by 9.7% in the 3rd quarter. ACG Wealth now owns 9,010 shares of the pipeline company’s stock worth $610,000 after buying an additional 799 shares during the period. Newport Wealth Strategies Inc. increased its position in Magellan Midstream Partners by 16.9% in the 2nd quarter. Newport Wealth Strategies Inc. now owns 5,539 shares of the pipeline company’s stock worth $383,000 after buying an additional 801 shares during the period. Finally, Bartlett & Co. LLC increased its position in Magellan Midstream Partners by 9.9% in the 3rd quarter. Bartlett & Co. LLC now owns 8,985 shares of the pipeline company’s stock worth $608,000 after buying an additional 806 shares during the period. Hedge funds and other institutional investors own 63.29% of the company’s stock.

Several research analysts have commented on MMP shares. Bank of America lifted their price target on Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, November 5th. Goldman Sachs Group downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research report on Monday, October 8th. Credit Suisse Group started coverage on Magellan Midstream Partners in a research report on Thursday, October 11th. They issued a “neutral” rating and a $77.00 price target on the stock. Wells Fargo & Co dropped their price target on Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 6th. Finally, Barclays dropped their price target on Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, November 2nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $74.00.

MMP opened at $62.76 on Friday. The company has a market cap of $13.95 billion, a PE ratio of 14.42, a PEG ratio of 2.38 and a beta of 0.82. The company has a current ratio of 0.60, a quick ratio of 0.44 and a debt-to-equity ratio of 1.46. Magellan Midstream Partners, L.P. has a 1 year low of $54.82 and a 1 year high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. The business had revenue of $638.00 million for the quarter, compared to analysts’ expectations of $621.97 million. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. Magellan Midstream Partners’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.97 earnings per share. As a group, research analysts predict that Magellan Midstream Partners, L.P. will post 4.31 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th were given a dividend of $0.9775 per share. The ex-dividend date of this dividend was Tuesday, November 6th. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.96. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.23%. Magellan Midstream Partners’s payout ratio is currently 102.62%.

In other news, SVP Jeff R. Selvidge sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total transaction of $377,850.00. Following the sale, the senior vice president now directly owns 20,380 shares in the company, valued at $1,400,106. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.84, for a total value of $2,065,200.00. Following the sale, the chief executive officer now owns 169,295 shares in the company, valued at $11,654,267.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,500 shares of company stock worth $2,786,500. 0.26% of the stock is currently owned by company insiders.

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Magellan Midstream Partners Company 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.

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

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