Tyers Asset Management LLC Trims Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Tyers Asset Management LLC lessened its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.8% during the 1st quarter, Holdings Channel reports. The firm owned 46,944 shares of the pipeline company’s stock after selling 2,384 shares during the period. Tyers Asset Management LLC’s holdings in Magellan Midstream Partners were worth $2,846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cortland Advisers LLC increased its position in Magellan Midstream Partners by 9.8% during the first quarter. Cortland Advisers LLC now owns 282,703 shares of the pipeline company’s stock valued at $17,141,000 after acquiring an additional 25,282 shares during the last quarter. Hoylecohen LLC increased its position in Magellan Midstream Partners by 7.4% during the first quarter. Hoylecohen LLC now owns 10,930 shares of the pipeline company’s stock valued at $663,000 after acquiring an additional 750 shares during the last quarter. Tortoise Index Solutions LLC increased its position in Magellan Midstream Partners by 17.4% during the first quarter. Tortoise Index Solutions LLC now owns 97,716 shares of the pipeline company’s stock valued at $5,925,000 after acquiring an additional 14,506 shares during the last quarter. Neuberger Berman Group LLC increased its position in Magellan Midstream Partners by 25.2% during the first quarter. Neuberger Berman Group LLC now owns 434,548 shares of the pipeline company’s stock valued at $26,346,000 after acquiring an additional 87,357 shares during the last quarter. Finally, Institutional & Family Asset Management LLC increased its position in Magellan Midstream Partners by 1.3% during the first quarter. Institutional & Family Asset Management LLC now owns 28,176 shares of the pipeline company’s stock valued at $1,708,000 after acquiring an additional 372 shares during the last quarter. Institutional investors own 68.88% of the company’s stock.

A number of research firms have weighed in on MMP. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Zacks Investment Research cut shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th. Johnson Rice began coverage on shares of Magellan Midstream Partners in a research report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price objective on the stock. Bank of America cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and cut their price objective for the company from $69.00 to $62.00 in a research report on Wednesday, February 27th. Finally, LADENBURG THALM/SH SH set a $75.00 price objective on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research report on Tuesday, March 26th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $69.50.

Shares of MMP traded down $0.35 during trading hours on Wednesday, reaching $62.94. 14,042 shares of the company traded hands, compared to its average volume of 926,224. The firm has a market capitalization of $14.34 billion, a P/E ratio of 14.82, a P/E/G ratio of 2.58 and a beta of 0.75. Magellan Midstream Partners, L.P. has a 12-month low of $54.25 and a 12-month high of $72.90. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.69.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. The firm had revenue of $628.90 million during the quarter, compared to analyst estimates of $692.56 million. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The business’s revenue was down 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.05 earnings per share. Analysts predict that Magellan Midstream Partners, L.P. will post 4.09 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were paid a dividend of $1.005 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.00. This represents a $4.02 dividend on an annualized basis and a dividend yield of 6.39%. The ex-dividend date was Tuesday, May 7th. Magellan Midstream Partners’s payout ratio is currently 94.59%.

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About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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

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