Pinnacle Associates Ltd. decreased its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 8.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,257 shares of the pipeline company’s stock after selling 1,988 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Magellan Midstream Partners were worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. Sargent Bickham Lagudis LLC bought a new position in shares of Magellan Midstream Partners in the second quarter worth $28,000. Castle Wealth Management LLC bought a new position in shares of Magellan Midstream Partners in the second quarter worth $36,000. Private Trust Co. NA bought a new position in shares of Magellan Midstream Partners in the second quarter worth $41,000. Householder Group Estate & Retirement Specialist LLC bought a new position in shares of Magellan Midstream Partners in the third quarter worth $52,000. Finally, Vigilant Capital Management LLC bought a new position in shares of Magellan Midstream Partners in the third quarter worth $52,000. Institutional investors own 51.06% of the company’s stock.
Magellan Midstream Partners Stock Performance
NYSE MMP opened at $52.83 on Monday. The company has a 50-day simple moving average of $51.15 and a two-hundred day simple moving average of $50.52. The company has a quick ratio of 0.51, a current ratio of 1.00 and a debt-to-equity ratio of 2.86. Magellan Midstream Partners, L.P. has a 12-month low of $44.79 and a 12-month high of $54.40. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 2.04 and a beta of 0.93.
Magellan Midstream Partners Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, November 7th were issued a dividend of $1.0475 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.04. This represents a $4.19 dividend on an annualized basis and a dividend yield of 7.93%. The ex-dividend date of this dividend was Friday, November 4th. Magellan Midstream Partners’s dividend payout ratio is currently 80.89%.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on MMP shares. TD Securities upped their price target on shares of Magellan Midstream Partners from $52.00 to $54.00 and gave the stock a “hold” rating in a report on Friday, October 28th. Morgan Stanley increased their target price on Magellan Midstream Partners from $54.00 to $56.00 and gave the company an “underweight” rating in a research note on Monday, January 9th. Mizuho increased their target price on Magellan Midstream Partners from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, October 28th. Citigroup began coverage on Magellan Midstream Partners in a research note on Thursday, December 8th. They issued a “buy” rating and a $56.00 target price on the stock. Finally, Royal Bank of Canada increased their target price on Magellan Midstream Partners from $58.00 to $59.00 and gave the company an “outperform” rating in a research note on Tuesday, November 1st. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $54.83.
Insider Transactions at Magellan Midstream Partners
In other news, Director James R. Montague sold 2,892 shares of the stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $53.43, for a total transaction of $154,519.56. Following the completion of the sale, the director now directly owns 25,095 shares in the company, valued at $1,340,825.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.40% of the stock is currently owned by company insiders.
Magellan Midstream Partners Company Profile
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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