MAI Capital Management increased its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,674 shares of the pipeline company's stock after buying an additional 3,193 shares during the quarter. MAI Capital Management's holdings in Magellan Midstream Partners were worth $5,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Farmers & Merchants Investments Inc. acquired a new position in shares of Magellan Midstream Partners during the first quarter valued at about $26,000. Rinkey Investments purchased a new position in Magellan Midstream Partners in the 4th quarter worth $27,000. Sargent Bickham Lagudis LLC acquired a new stake in Magellan Midstream Partners during the 2nd quarter worth about $28,000. Godsey & Gibb Associates purchased a new stake in Magellan Midstream Partners during the 1st quarter valued at about $29,000. Finally, MCF Advisors LLC acquired a new position in shares of Magellan Midstream Partners in the first quarter valued at about $34,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.
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Analysts Set New Price Targets
A number of equities research analysts recently commented on MMP shares. The Goldman Sachs Group raised Magellan Midstream Partners from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $55.00 to $59.00 in a report on Wednesday, June 8th. Royal Bank of Canada upped their price objective on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday, August 3rd. Finally, Wells Fargo & Company raised shares of Magellan Midstream Partners from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $54.00 to $56.00 in a report on Tuesday, May 31st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $53.73.
Magellan Midstream Partners Trading Up 1.8 %
Shares of MMP stock opened at $46.50 on Wednesday. Magellan Midstream Partners, L.P. has a fifty-two week low of $43.58 and a fifty-two week high of $53.75. The firm has a market capitalization of $9.66 billion, a P/E ratio of 9.96, a PEG ratio of 3.02 and a beta of 0.92. The stock's fifty day moving average is $50.84 and its two-hundred day moving average is $49.93. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.49 and a current ratio of 0.97.
Magellan Midstream Partners Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, August 5th were issued a $1.0375 dividend. The ex-dividend date was Thursday, August 4th. This represents a $4.15 dividend on an annualized basis and a yield of 8.92%. Magellan Midstream Partners's payout ratio is 88.87%.
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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