Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Sold by Saxon Interests Inc.

Saxon Interests Inc. lowered its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,376 shares of the pipeline company’s stock after selling 212 shares during the quarter. Saxon Interests Inc.’s holdings in Magellan Midstream Partners were worth $273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Keybank National Association OH increased its position in Magellan Midstream Partners by 0.9% during the first quarter. Keybank National Association OH now owns 104,954 shares of the pipeline company’s stock worth $5,695,000 after purchasing an additional 983 shares during the last quarter. Ameritas Advisory Services LLC increased its holdings in shares of Magellan Midstream Partners by 28.5% during the 4th quarter. Ameritas Advisory Services LLC now owns 5,841 shares of the pipeline company’s stock worth $293,000 after buying an additional 1,296 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Magellan Midstream Partners in the 1st quarter worth $61,000. Catalyst Capital Advisors LLC boosted its holdings in Magellan Midstream Partners by 1.6% in the fourth 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. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Magellan Midstream Partners by 4.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,509,874 shares of the pipeline company’s stock valued at $190,446,000 after acquiring an additional 164,259 shares during the last quarter. Institutional investors and hedge funds own 54.84% of the company’s stock.

Magellan Midstream Partners Stock Down 0.2 %

Magellan Midstream Partners stock traded down $0.15 during midday trading on Tuesday, hitting $68.35. 978,908 shares of the stock were exchanged, compared to its average volume of 1,206,670. Magellan Midstream Partners, L.P. has a 1 year low of $45.52 and a 1 year high of $69.40. 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 firm has a market cap of $13.81 billion, a P/E ratio of 13.65 and a beta of 0.90. The company has a 50 day moving average price of $65.70 and a two-hundred day moving average price of $60.32.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, August 3rd. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. The business had revenue of $877.20 million for the quarter, compared to analyst estimates of $797.91 million. Magellan Midstream Partners had a return on equity of 58.77% and a net margin of 29.55%. On average, sell-side analysts predict that Magellan Midstream Partners, L.P. will post 5.12 earnings per share for the current fiscal year.

Magellan Midstream Partners Dividend Announcement

The firm also recently announced 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 of this dividend is Wednesday, September 20th. Magellan Midstream Partners’s payout ratio is 83.47%.

Analysts Set New Price Targets

A number of research firms have recently commented on MMP. Argus downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Barclays raised their price target on shares of Magellan Midstream Partners from $60.00 to $68.00 in a report on Tuesday, July 18th. TD Securities boosted their price objective on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the stock a “tender” rating in a research note on Friday, August 4th. Finally, StockNews.com assumed coverage on shares of Magellan Midstream Partners in a research note on Friday. They issued a “hold” rating on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $60.70.

Magellan Midstream Partners 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.