Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Purchased by Advisor Group Holdings Inc.

Advisor Group Holdings Inc. boosted its position in Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 25.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 148,294 shares of the pipeline company’s stock after acquiring an additional 30,314 shares during the quarter. Advisor Group Holdings Inc. owned 0.07% of Magellan Midstream Partners worth $6,881,000 at the end of the most recent quarter.

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

Magellan Midstream Partners Stock Performance

NYSE:MMP opened at $49.94 on Friday. The firm’s fifty day moving average price is $49.74 and its 200 day moving average price is $49.25. Magellan Midstream Partners, L.P. has a 1-year low of $43.58 and a 1-year high of $53.75. The company has a debt-to-equity ratio of 2.84, a current ratio of 0.97 and a quick ratio of 1.01. The firm has a market cap of $10.37 billion, a price-to-earnings ratio of 10.69, a price-to-earnings-growth ratio of 3.23 and a beta of 0.95.

Magellan Midstream Partners (NYSE:MMPGet Rating) last posted 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. Magellan Midstream Partners had a net margin of 34.33% and a return on equity of 51.99%. The firm had revenue of $631.10 million for the quarter, compared to analyst estimates of $704.74 million. During the same period last year, the firm posted $1.09 EPS. Magellan Midstream Partners’s quarterly revenue was down 6.5% on a year-over-year basis. On average, sell-side analysts expect that Magellan Midstream Partners, L.P. will post 4.67 EPS for the current year.

Magellan Midstream Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, August 5th will be given a $1.0375 dividend. The ex-dividend date of this dividend is Thursday, August 4th. This represents a $4.15 dividend on an annualized basis and a yield of 8.31%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 88.87%.

Analysts Set New Price Targets

Several brokerages have commented on MMP. Wells Fargo & Company upgraded shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $54.00 to $56.00 in a research note on Tuesday, May 31st. Morgan Stanley increased their price target on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Tuesday, April 26th. TD Securities increased their price target on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 6th. JPMorgan Chase & Co. upgraded shares of Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and increased their price target for the company from $52.00 to $57.00 in a research note on Wednesday, May 25th. Finally, Royal Bank of Canada increased their price target on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Magellan Midstream Partners has a consensus rating of “Hold” and a consensus target price of $53.50.

About Magellan Midstream Partners

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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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