Strategic Wealth Partners Ltd. Lowers Position in Magellan Midstream Partners, L.P. (MMP)

Strategic Wealth Partners Ltd. cut its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 8.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,613 shares of the pipeline company’s stock after selling 426 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in Magellan Midstream Partners were worth $312,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MMP. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Magellan Midstream Partners in the 2nd quarter worth approximately $106,000. Northern Oak Wealth Management Inc. lifted its holdings in Magellan Midstream Partners by 142.9% in the 3rd quarter. Northern Oak Wealth Management Inc. now owns 1,700 shares of the pipeline company’s stock valued at $115,000 after purchasing an additional 1,000 shares in the last quarter. Girard Partners LTD. purchased a new position in Magellan Midstream Partners in the 3rd quarter valued at $152,000. NEXT Financial Group Inc purchased a new position in Magellan Midstream Partners in the 3rd quarter valued at $196,000. Finally, Warren Averett Asset Management LLC acquired a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth $202,000. 65.61% of the stock is owned by institutional investors.

Shares of MMP stock traded down $0.60 during mid-day trading on Friday, hitting $59.63. 15,698 shares of the stock traded hands, compared to its average volume of 684,610. Magellan Midstream Partners, L.P. has a twelve month low of $54.82 and a twelve month high of $75.82. The stock has a market cap of $13.73 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.07. The business had revenue of $638.00 million for the quarter, compared to analysts’ expectations of $621.97 million. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. The company’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 EPS. Equities research analysts predict that Magellan Midstream Partners, L.P. will post 4.31 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Wednesday, November 7th were paid a dividend of $0.9775 per share. This represents a $3.91 annualized dividend and a yield of 6.56%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date was Tuesday, November 6th. Magellan Midstream Partners’s payout ratio is currently 102.62%.

In other Magellan Midstream Partners news, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total transaction of $377,850.00. Following the transaction, the senior vice president now owns 20,380 shares of the company’s stock, valued at approximately $1,400,106. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Douglas J. May sold 5,000 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.69, for a total value of $343,450.00. Following the transaction, the insider now directly owns 33,000 shares in the company, valued at approximately $2,266,770. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock worth $2,786,500 over the last 90 days. Corporate insiders own 0.26% of the company’s stock.

A number of analysts recently issued reports on the company. Barclays cut their price objective on Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, November 2nd. Wells Fargo & Co decreased their price objective on Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating for the company in a research note on Tuesday, November 6th. Credit Suisse Group assumed coverage on Magellan Midstream Partners in a research note on Thursday, October 11th. They set a “neutral” rating and a $77.00 target price for the company. Zacks Investment Research upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research note on Thursday, November 15th. Finally, Goldman Sachs Group lowered Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research report on Monday, October 8th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. Magellan Midstream Partners currently has an average rating of “Hold” and an average price target of $74.06.

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

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