Glassy Mountain Advisors Inc. Boosts Stock Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Glassy Mountain Advisors Inc. lifted its position in Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 15.1% in the first quarter, Holdings Channel.com reports. The firm owned 10,902 shares of the pipeline company’s stock after purchasing an additional 1,428 shares during the quarter. Glassy Mountain Advisors Inc.’s holdings in Magellan Midstream Partners were worth $535,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Magellan Midstream Partners by 59.3% during the 4th quarter. Bank of America Corp DE now owns 3,132,338 shares of the pipeline company’s stock valued at $145,467,000 after purchasing an additional 1,165,745 shares during the last quarter. Alps Advisors Inc. raised its position in Magellan Midstream Partners by 6.3% during the 4th quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock valued at $513,854,000 after purchasing an additional 657,431 shares during the last quarter. Fractal Investments LLC bought a new position in Magellan Midstream Partners during the 4th quarter valued at approximately $18,223,000. Mirae Asset Global Investments Co. Ltd. raised its position in Magellan Midstream Partners by 10.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,450,980 shares of the pipeline company’s stock valued at $113,824,000 after purchasing an additional 238,579 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its position in Magellan Midstream Partners by 72.4% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 400,000 shares of the pipeline company’s stock valued at $18,576,000 after purchasing an additional 168,043 shares during the last quarter. 53.28% of the stock is owned by institutional investors.

A number of research firms have commented on MMP. JPMorgan Chase & Co. raised Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and upped their price target for the company from $52.00 to $57.00 in a research report on Wednesday, May 25th. Mizuho increased their target price on Magellan Midstream Partners from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 30th. Morgan Stanley increased their target price on Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 26th. The Goldman Sachs Group raised Magellan Midstream Partners from a “neutral” rating to a “buy” rating and increased their target price for the stock from $55.00 to $59.00 in a research report on Wednesday, June 8th. Finally, Wells Fargo & Company raised Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $54.00 to $56.00 in a research report on Tuesday, May 31st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Magellan Midstream Partners presently has an average rating of “Hold” and a consensus target price of $53.09.

Shares of NYSE:MMP opened at $48.03 on Wednesday. The stock has a fifty day simple moving average of $50.25 and a two-hundred day simple moving average of $48.62. The stock has a market capitalization of $10.16 billion, a price-to-earnings ratio of 11.52 and a beta of 0.96. Magellan Midstream Partners, L.P. has a 12-month low of $43.58 and a 12-month high of $53.75. The company has a current ratio of 1.50, a quick ratio of 1.01 and a debt-to-equity ratio of 2.95.

Magellan Midstream Partners (NYSE:MMPGet Rating) last released its quarterly earnings data on Thursday, May 5th. The pipeline company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $631.10 million during the quarter, compared to analyst estimates of $704.74 million. Magellan Midstream Partners had a net margin of 33.36% and a return on equity of 51.92%. Magellan Midstream Partners’s revenue was down 6.5% compared to the same quarter last year. During the same period last year, the business earned $1.09 EPS. As a group, equities research analysts predict that Magellan Midstream Partners, L.P. will post 4.04 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Monday, May 2nd were paid a dividend of $1.0375 per share. The ex-dividend date of this dividend was Friday, April 29th. This represents a $4.15 dividend on an annualized basis and a yield of 8.64%. Magellan Midstream Partners’s dividend payout ratio is currently 97.42%.

About Magellan Midstream Partners (Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

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

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