Girard Partners LTD. Sells 885 Shares of Magellan Midstream Partners, L.P. (MMP)

Girard Partners LTD. lessened its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 23.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,946 shares of the pipeline company’s stock after selling 885 shares during the quarter. Girard Partners LTD.’s holdings in Magellan Midstream Partners were worth $209,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Alps Advisors Inc. lifted its holdings in shares of Magellan Midstream Partners by 5.2% in the third quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock valued at $1,070,564,000 after purchasing an additional 745,755 shares in the last quarter. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Magellan Midstream Partners by 5.3% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 14,238,881 shares of the pipeline company’s stock valued at $1,011,815,000 after purchasing an additional 717,317 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Magellan Midstream Partners by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 4,316,528 shares of the pipeline company’s stock valued at $304,574,000 after purchasing an additional 495,394 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Magellan Midstream Partners by 5.7% in the third quarter. Kayne Anderson Capital Advisors LP now owns 3,163,725 shares of the pipeline company’s stock valued at $224,798,000 after purchasing an additional 170,488 shares in the last quarter. Finally, Atlantic Trust Group LLC lifted its holdings in shares of Magellan Midstream Partners by 43.4% in the third quarter. Atlantic Trust Group LLC now owns 3,149,302 shares of the pipeline company’s stock valued at $223,789,000 after purchasing an additional 953,808 shares in the last quarter. Institutional investors own 61.80% of the company’s stock.

Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) opened at $67.70 on Tuesday. The company has a market capitalization of $15,113.47, a price-to-earnings ratio of 17.40, a P/E/G ratio of 2.68 and a beta of 0.61. Magellan Midstream Partners, L.P. has a fifty-two week low of $63.55 and a fifty-two week high of $81.77. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, February 1st. The pipeline company reported $1.04 EPS for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.08). The business had revenue of $673.30 million for the quarter, compared to the consensus estimate of $690.18 million. Magellan Midstream Partners had a return on equity of 40.85% and a net margin of 34.67%. The business’s revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.93 earnings per share. analysts anticipate that Magellan Midstream Partners, L.P. will post 3.99 EPS for the current fiscal year.

The firm also recently declared a dividend, which will be paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th will be issued a dividend of $0.92 per share. This is a positive change from Magellan Midstream Partners’s previous dividend of $0.84. This represents a yield of 0.0125170068027211%. The ex-dividend date is Monday, February 5th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 96.59%.

A number of research analysts have recently weighed in on MMP shares. Bank of America started coverage on Magellan Midstream Partners in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. Royal Bank of Canada restated a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners in a report on Tuesday, January 16th. BMO Capital Markets initiated coverage on Magellan Midstream Partners in a report on Monday, December 11th. They issued a “buy” rating and a $80.00 target price on the stock. Mitsubishi UFJ Financial Group reiterated a “neutral” rating on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Finally, Mizuho reiterated a “sell” rating and set a $72.00 price target on shares of Magellan Midstream Partners in a report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $77.36.

TRADEMARK VIOLATION NOTICE: This piece was posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of international trademark and copyright law. The correct version of this piece can be accessed at https://www.dispatchtribunal.com/2018/02/13/girard-partners-ltd-sells-885-shares-of-magellan-midstream-partners-l-p-mmp.html.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP).

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

Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply