Hoylecohen LLC acquired a new stake in shares of Magellan Midstream Partners (NYSE:MMP) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,800 shares of the pipeline company’s stock, valued at approximately $482,000.
Other large investors have also recently added to or reduced their stakes in the company. Cypress Wealth Advisors LLC acquired a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $1,950,000. LPL Financial LLC boosted its stake in shares of Magellan Midstream Partners by 20.4% in the 4th quarter. LPL Financial LLC now owns 68,992 shares of the pipeline company’s stock valued at $4,894,000 after purchasing an additional 11,666 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Magellan Midstream Partners by 2.9% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 68,551 shares of the pipeline company’s stock valued at $4,863,000 after purchasing an additional 1,964 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $179,000. Finally, Guggenheim Capital LLC raised its holdings in shares of Magellan Midstream Partners by 67.2% in the fourth quarter. Guggenheim Capital LLC now owns 100,066 shares of the pipeline company’s stock valued at $7,099,000 after buying an additional 40,204 shares during the last quarter. 62.21% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $69.00 price target on shares of Magellan Midstream Partners in a report on Friday, February 2nd. JPMorgan Chase reissued a “neutral” rating and set a $75.00 price objective (down from $78.00) on shares of Magellan Midstream Partners in a report on Tuesday, March 13th. Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Bank of America dropped their price objective on Magellan Midstream Partners from $77.00 to $71.00 and set a “buy” rating for the company in a report on Tuesday, March 27th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $79.00 price target on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Four analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $76.23.
In other Magellan Midstream Partners news, CEO Michael N. Mears sold 10,000 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $68.00, for a total transaction of $680,000.00. Following the transaction, the chief executive officer now owns 196,473 shares in the company, valued at approximately $13,360,164. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael N. Mears sold 22,251 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $68.03, for a total value of $1,513,735.53. Following the transaction, the chief executive officer now owns 196,473 shares in the company, valued at approximately $13,366,058.19. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.
Shares of NYSE MMP traded down $0.02 during trading hours on Friday, hitting $60.32. The company had a trading volume of 1,166,923 shares, compared to its average volume of 1,564,910. The company has a market cap of $13,769.30, a PE ratio of 15.83, a PEG ratio of 2.43 and a beta of 0.72. The company has a current ratio of 0.73, a quick ratio of 0.51 and a debt-to-equity ratio of 2.01. Magellan Midstream Partners has a 1-year low of $54.82 and a 1-year high of $78.00.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.08). Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The company had revenue of $673.30 million during the quarter, compared to analyst estimates of $690.18 million. During the same period in the previous year, the company posted $0.93 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. sell-side analysts predict that Magellan Midstream Partners will post 4.01 EPS for the current fiscal year.
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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 through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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