Metropolitan Life Insurance Co. NY cut its stake in Magellan Midstream Partners (NYSE:MMP) by 50.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 368,000 shares of the pipeline company’s stock after selling 368,000 shares during the quarter. Metropolitan Life Insurance Co. NY owned 0.16% of Magellan Midstream Partners worth $26,106,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Epoch Investment Partners Inc. bought a new position in shares of Magellan Midstream Partners in the third quarter worth approximately $113,875,000. 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 worth $223,789,000 after buying an additional 953,808 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 worth $1,011,815,000 after buying an additional 717,317 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Magellan Midstream Partners by 13.0% during 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. Finally, ING Groep NV purchased a new stake in Magellan Midstream Partners during the third quarter valued at $31,480,000. Hedge funds and other institutional investors own 62.21% of the company’s stock.
Shares of NYSE MMP traded down $0.02 during mid-day trading on Friday, reaching $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 current ratio of 0.73, a quick ratio of 0.51 and a debt-to-equity ratio of 2.01. The stock 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. Magellan Midstream Partners has a 52 week low of $54.82 and a 52 week high of $78.00.
Magellan Midstream Partners (NYSE:MMP) last posted 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 company had revenue of $673.30 million during 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 company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 earnings per share. sell-side analysts forecast that Magellan Midstream Partners will post 4.01 earnings per share for the current year.
In other news, CEO Michael N. Mears sold 22,251 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were 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 directly owns 196,473 shares in the company, valued at $13,366,058.19. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael N. Mears sold 10,000 shares of the stock in a transaction dated 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 $13,360,164. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.
A number of research firms have weighed in on MMP. Barclays cut their price objective on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Friday, February 2nd. Bank of America cut their price objective on shares of Magellan Midstream Partners from $78.00 to $77.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Royal Bank of Canada reiterated a “hold” rating and set a $81.00 price objective on shares of Magellan Midstream Partners in a research report on Tuesday, January 16th. UBS boosted their price objective on shares of Magellan Midstream Partners from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Friday, March 2nd. Finally, Jefferies Group upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research report on Thursday. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $76.23.
COPYRIGHT VIOLATION WARNING: This report was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this report on another website, it was illegally copied and reposted in violation of US & international trademark and copyright laws. The original version of this report can be accessed at https://www.dispatchtribunal.com/2018/04/08/metropolitan-life-insurance-co-ny-has-26-11-million-stake-in-magellan-midstream-partners-l-p-mmp.html.
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 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.
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.