Founders Capital Management Grows Stock Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Founders Capital Management lifted its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 223.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,016 shares of the pipeline company’s stock after buying an additional 3,466 shares during the quarter. Founders Capital Management’s holdings in Magellan Midstream Partners were worth $313,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MMP. Keybank National Association OH increased its holdings in Magellan Midstream Partners by 0.9% in the 1st quarter. Keybank National Association OH now owns 104,954 shares of the pipeline company’s stock valued at $5,695,000 after acquiring an additional 983 shares during the last quarter. Ameritas Advisory Services LLC increased its holdings in Magellan Midstream Partners by 28.5% in the 4th quarter. Ameritas Advisory Services LLC now owns 5,841 shares of the pipeline company’s stock valued at $293,000 after acquiring an additional 1,296 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Magellan Midstream Partners by 13.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 27,595 shares of the pipeline company’s stock valued at $1,386,000 after acquiring an additional 3,280 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new stake in Magellan Midstream Partners in the 1st quarter valued at $61,000. Finally, Catalyst Capital Advisors LLC increased its holdings in Magellan Midstream Partners by 1.6% in the 4th quarter. Catalyst Capital Advisors LLC now owns 94,763 shares of the pipeline company’s stock valued at $4,758,000 after acquiring an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 54.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MMP shares. Stifel Nicolaus downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating and lifted their price target for the company from $61.00 to $64.00 in a report on Thursday, May 18th. Barclays boosted their target price on shares of Magellan Midstream Partners from $60.00 to $68.00 in a report on Tuesday, July 18th. TD Securities boosted their target price on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the stock a “tender” rating in a report on Friday, August 4th. US Capital Advisors downgraded shares of Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a report on Friday, May 19th. Finally, Argus downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.70.

Magellan Midstream Partners Trading Down 0.2 %

Shares of MMP stock traded down $0.14 during trading hours on Friday, reaching $69.14. 333,966 shares of the stock were exchanged, compared to its average volume of 1,178,700. Magellan Midstream Partners, L.P. has a 12-month low of $45.52 and a 12-month high of $69.40. The company has a current ratio of 1.08, a quick ratio of 0.60 and a debt-to-equity ratio of 2.91. The company’s 50-day moving average price is $65.48 and its 200-day moving average price is $60.01. The firm has a market capitalization of $13.97 billion, a price-to-earnings ratio of 13.78 and a beta of 0.90.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. Magellan Midstream Partners had a net margin of 29.55% and a return on equity of 58.77%. The firm had revenue of $877.20 million during the quarter, compared to analysts’ expectations of $797.91 million. As a group, equities analysts anticipate that Magellan Midstream Partners, L.P. will post 5.12 earnings per share for the current year.

Magellan Midstream Partners Dividend Announcement

The business also recently disclosed a None dividend, which will be paid on Monday, September 25th. Shareholders of record on Thursday, September 21st will be given a $0.247 dividend. The ex-dividend date is Wednesday, September 20th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 83.47%.

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 refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.