Magellan Midstream Partners, L.P. (NYSE:MMP) Stock Position Decreased by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 19.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,481,594 shares of the pipeline company’s stock after selling 353,758 shares during the quarter. JPMorgan Chase & Co.’s holdings in Magellan Midstream Partners were worth $70,761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of MMP. Sargent Bickham Lagudis LLC bought a new stake in shares of Magellan Midstream Partners during the 2nd quarter valued at about $28,000. MCF Advisors LLC bought a new position in Magellan Midstream Partners in the 1st quarter worth about $34,000. Castle Wealth Management LLC bought a new position in Magellan Midstream Partners in the 2nd quarter worth about $36,000. Tcwp LLC bought a new position in Magellan Midstream Partners in the 1st quarter worth about $43,000. Finally, Trust Co. of Vermont bought a new position in Magellan Midstream Partners in the 2nd quarter worth about $56,000. Institutional investors own 52.37% of the company’s stock.

Magellan Midstream Partners Stock Down 1.8 %

MMP stock opened at $52.03 on Thursday. Magellan Midstream Partners, L.P. has a 12 month low of $43.58 and a 12 month high of $54.40. The firm has a market cap of $10.66 billion, a PE ratio of 10.04, a P/E/G ratio of 1.84 and a beta of 0.95. The firm has a 50 day simple moving average of $50.38 and a 200 day simple moving average of $50.24. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.00 and a quick ratio of 0.51.

Magellan Midstream Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Monday, November 7th were paid a dividend of $1.0475 per share. The ex-dividend date was Friday, November 4th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.04. This represents a $4.19 annualized dividend and a yield of 8.05%. Magellan Midstream Partners’s dividend payout ratio is currently 80.89%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MMP. Wolfe Research cut shares of Magellan Midstream Partners from a “peer perform” rating to an “underperform” rating and set a $49.00 target price for the company. in a research report on Wednesday, November 16th. Royal Bank of Canada upped their target price on shares of Magellan Midstream Partners from $58.00 to $59.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 1st. TD Securities upped their target price on shares of Magellan Midstream Partners from $52.00 to $54.00 and gave the stock a “hold” rating in a research report on Friday, October 28th. Raymond James upped their target price on shares of Magellan Midstream Partners from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, October 28th. Finally, StockNews.com assumed coverage on shares of Magellan Midstream Partners in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Magellan Midstream Partners has a consensus rating of “Hold” and an average target price of $54.55.

Insider Activity at Magellan Midstream Partners

In related news, Director James R. Montague sold 2,892 shares of the stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $53.43, for a total transaction of $154,519.56. Following the completion of the sale, the director now directly owns 25,095 shares of the company’s stock, valued at $1,340,825.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.40% of the company’s stock.

Magellan Midstream Partners Profile

(Get Rating)

Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.

See Also

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

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