Van ECK Associates Corp Has $1.21 Million Stock Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Van ECK Associates Corp cut its position in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,521 shares of the pipeline company’s stock after selling 1,107 shares during the quarter. Van ECK Associates Corp’s holdings in Magellan Midstream Partners were worth $1,213,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Magellan Midstream Partners by 10.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,697,017 shares of the pipeline company’s stock valued at $132,343,000 after buying an additional 246,037 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Magellan Midstream Partners by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 51,663 shares of the pipeline company’s stock valued at $2,535,000 after purchasing an additional 2,299 shares in the last quarter. Raymond James Trust N.A. increased its stake in Magellan Midstream Partners by 6.7% in the first quarter. Raymond James Trust N.A. now owns 12,003 shares of the pipeline company’s stock valued at $589,000 after purchasing an additional 758 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Magellan Midstream Partners by 2.3% during the first quarter. Blair William & Co. IL now owns 200,265 shares of the pipeline company’s stock valued at $9,827,000 after buying an additional 4,580 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Magellan Midstream Partners by 4.4% during the first quarter. Cetera Investment Advisers now owns 17,177 shares of the pipeline company’s stock valued at $843,000 after buying an additional 729 shares during the last quarter. Institutional investors and hedge funds own 51.06% of the company’s stock.

Insider Transactions at Magellan Midstream Partners

In other news, Director James R. Montague sold 2,892 shares of the business’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $53.43, for a total transaction of $154,519.56. Following the completion of the transaction, the director now directly owns 25,095 shares of the company’s stock, valued at $1,340,825.85. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Raymond James increased their price target on Magellan Midstream Partners from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, October 28th. Royal Bank of Canada boosted their target price on Magellan Midstream Partners from $58.00 to $59.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 1st. StockNews.com initiated coverage on Magellan Midstream Partners in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Wells Fargo & Company downgraded Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $57.00 to $56.00 in a research note on Friday, December 16th. Finally, Morgan Stanley boosted their target price on shares of Magellan Midstream Partners from $54.00 to $56.00 and gave the stock an “underweight” rating in a report on Monday, January 9th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $54.83.

Magellan Midstream Partners Stock Performance

NYSE MMP opened at $52.83 on Monday. The company has a market cap of $10.83 billion, a P/E ratio of 10.20, a P/E/G ratio of 2.04 and a beta of 0.93. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.00 and a quick ratio of 0.51. The stock has a 50-day moving average of $51.15 and a two-hundred day moving average of $50.52. Magellan Midstream Partners, L.P. has a 1-year low of $44.79 and a 1-year high of $54.40.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last released its earnings results on Thursday, October 27th. The pipeline company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.15. The company had revenue of $876.10 million during the quarter, compared to the consensus estimate of $733.97 million. Magellan Midstream Partners had a return on equity of 55.55% and a net margin of 34.72%. As a group, analysts anticipate that Magellan Midstream Partners, L.P. will post 5.07 EPS for the current year.

Magellan Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, November 7th were given a dividend of $1.0475 per share. The ex-dividend date of this dividend was Friday, November 4th. This is an increase 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%. Magellan Midstream Partners’s payout ratio is currently 80.89%.

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.