Neuberger Berman Group LLC Acquires 87,357 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Neuberger Berman Group LLC increased its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 25.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 434,548 shares of the pipeline company’s stock after purchasing an additional 87,357 shares during the period. Neuberger Berman Group LLC’s holdings in Magellan Midstream Partners were worth $26,346,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Institutional & Family Asset Management LLC grew its stake in shares of 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 purchasing an additional 372 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Magellan Midstream Partners by 1.1% during the first quarter. Commonwealth Equity Services LLC now owns 174,476 shares of the pipeline company’s stock valued at $10,578,000 after purchasing an additional 1,904 shares during the last quarter. Bridgecreek Investment Management LLC grew its stake in shares of Magellan Midstream Partners by 6.0% during the first quarter. Bridgecreek Investment Management LLC now owns 142,515 shares of the pipeline company’s stock valued at $8,641,000 after purchasing an additional 8,105 shares during the last quarter. Yorktown Management & Research Co Inc bought a new stake in shares of Magellan Midstream Partners during the first quarter valued at approximately $746,000. Finally, RiverGlades Family Offices LLC bought a new stake in shares of Magellan Midstream Partners during the first quarter valued at approximately $631,000. 68.88% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Jeff R. Selvidge sold 4,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total value of $254,560.00. Following the transaction, the insider now directly owns 23,397 shares in the company, valued at $1,488,985.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.26% of the company’s stock.

MMP has been the topic of several research analyst reports. Johnson Rice initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price target on the stock. LADENBURG THALM/SH SH set a $75.00 price target on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research note on Tuesday, March 26th. ValuEngine raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Zacks Investment Research raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. Finally, Bank of America cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and decreased their price target for the company from $69.00 to $62.00 in a research note on Wednesday, February 27th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. Magellan Midstream Partners has an average rating of “Hold” and a consensus target price of $69.50.

Shares of NYSE MMP opened at $62.64 on Friday. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $72.90. The company has a market capitalization of $14.50 billion, a P/E ratio of 14.74, a price-to-earnings-growth ratio of 2.59 and a beta of 0.75. 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 announced its quarterly earnings data on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.06. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The business had revenue of $628.90 million for the quarter, compared to analyst estimates of $692.56 million. During the same period in the prior year, the business posted $1.05 earnings per share. Magellan Midstream Partners’s revenue was down 7.3% compared to the same quarter last year. Research analysts predict that Magellan Midstream Partners, L.P. will post 4.09 EPS for the current fiscal year.

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Magellan Midstream Partners Company Profile

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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