Maryland State Retirement & Pension System increased its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 213,451 shares of the pipeline company’s stock after acquiring an additional 3,523 shares during the period. Maryland State Retirement & Pension System owned about 0.11% of Magellan Midstream Partners worth $13,302,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMP. Register Financial Advisors LLC bought a new stake in shares of Magellan Midstream Partners during the first quarter worth $27,000. CoreCap Advisors LLC bought a new stake in Magellan Midstream Partners during the 4th quarter worth about $28,000. EverSource Wealth Advisors LLC increased its position in Magellan Midstream Partners by 53.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock valued at $35,000 after acquiring an additional 241 shares in the last quarter. State of Wyoming bought a new position in shares of Magellan Midstream Partners in the fourth quarter worth about $35,000. Finally, Prostatis Group LLC lifted its position in shares of Magellan Midstream Partners by 96.0% during the fourth quarter. Prostatis Group LLC now owns 37,256 shares of the pipeline company’s stock worth $37,000 after purchasing an additional 18,252 shares in the last quarter. 54.84% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
MMP has been the subject of a number of research reports. TD Securities raised their price target on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the company a “tender” rating in a report on Friday, August 4th. StockNews.com started coverage on Magellan Midstream Partners in a research report on Friday. They set a “hold” rating for the company. Argus lowered Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, Barclays lifted their price objective on Magellan Midstream Partners from $60.00 to $68.00 in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.70.
Magellan Midstream Partners Stock Down 1.5 %
Magellan Midstream Partners stock opened at $68.23 on Friday. Magellan Midstream Partners, L.P. has a fifty-two week low of $45.52 and a fifty-two week high of $69.40. The firm has a market capitalization of $13.79 billion, a price-to-earnings ratio of 13.59 and a beta of 0.90. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.08 and a quick ratio of 0.60. The company’s 50 day simple moving average is $65.59 and its 200 day simple moving average is $60.17.
Magellan Midstream Partners (NYSE:MMP – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.10 by $0.13. The business had revenue of $877.20 million for the quarter, compared to analysts’ expectations of $797.91 million. Magellan Midstream Partners had a net margin of 29.55% and a return on equity of 58.77%. As a group, sell-side analysts anticipate that Magellan Midstream Partners, L.P. will post 5.12 EPS for the current year.
Magellan Midstream Partners Announces Dividend
The company also recently disclosed a None dividend, which will be paid on Monday, September 25th. Investors of record on Thursday, September 21st will be issued a dividend of $0.247 per share. The ex-dividend date is Wednesday, September 20th. Magellan Midstream Partners’s payout ratio is presently 83.47%.
About Magellan Midstream Partners
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.
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