Northstar Investment Advisors LLC Cuts Position in Magellan Midstream Partners, L.P. (MMP)

Northstar Investment Advisors LLC cut its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 28.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,799 shares of the pipeline company’s stock after selling 32,606 shares during the quarter. Northstar Investment Advisors LLC’s holdings in Magellan Midstream Partners were worth $4,782,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MMP. Global X Management Co LLC increased its stake in shares of Magellan Midstream Partners by 7.4% during the 2nd quarter. Global X Management Co LLC now owns 1,218,874 shares of the pipeline company’s stock worth $84,200,000 after purchasing an additional 83,828 shares during the last quarter. Kovack Advisors Inc. acquired a new position in shares of Magellan Midstream Partners during the 3rd quarter worth about $270,000. Captrust Financial Advisors increased its stake in shares of Magellan Midstream Partners by 1,535.4% during the 3rd quarter. Captrust Financial Advisors now owns 40,099 shares of the pipeline company’s stock worth $2,716,000 after purchasing an additional 37,647 shares during the last quarter. Capital Investment Advisors LLC grew its stake in Magellan Midstream Partners by 13.2% in the 3rd quarter. Capital Investment Advisors LLC now owns 33,217 shares of the pipeline company’s stock valued at $2,249,000 after buying an additional 3,871 shares during the last quarter. Finally, Gryphon Financial Partners LLC grew its stake in Magellan Midstream Partners by 228.1% in the 3rd quarter. Gryphon Financial Partners LLC now owns 14,220 shares of the pipeline company’s stock valued at $962,000 after buying an additional 9,886 shares during the last quarter. 65.52% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Lisa J. Korner sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 10th. The shares were sold at an average price of $58.14, for a total transaction of $581,400.00. Following the completion of the sale, the insider now owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

NYSE MMP traded down $0.47 during trading on Friday, reaching $61.96. The company’s stock had a trading volume of 93,404 shares, compared to its average volume of 1,374,201. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $14.27 billion, a P/E ratio of 16.26, a P/E/G ratio of 2.46 and a beta of 0.78. Magellan Midstream Partners, L.P. has a 12 month low of $54.25 and a 12 month high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The company had revenue of $638.00 million during the quarter, compared to the consensus estimate of $621.97 million. During the same quarter in the prior year, the firm posted $0.97 EPS. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. Equities analysts expect that Magellan Midstream Partners, L.P. will post 4.32 EPS for the current year.

MMP has been the topic of a number of research reports. Bank of America upped their price target on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, November 5th. Jefferies Financial Group upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Goldman Sachs Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research note on Monday, October 8th. Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, October 11th. They issued a “neutral” rating and a $77.00 price target on the stock. Finally, Wells Fargo & Co decreased their price target on shares of Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 6th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and an average target price of $74.06.

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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.

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

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