Spirit of America Management Corp NY reduced its position in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,840 shares of the pipeline company's stock after selling 1,500 shares during the quarter. Magellan Midstream Partners makes up approximately 2.5% of Spirit of America Management Corp NY's portfolio, making the stock its 8th biggest position. Spirit of America Management Corp NY's holdings in Magellan Midstream Partners were worth $10,882,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of MMP. LPL Financial LLC grew its position in Magellan Midstream Partners by 5.8% in the 4th quarter. LPL Financial LLC now owns 235,613 shares of the pipeline company's stock valued at $10,942,000 after acquiring an additional 12,937 shares in the last quarter. Greenwich Investment Management Inc. acquired a new position in Magellan Midstream Partners in the 4th quarter valued at about $228,000. Cetera Investment Advisers grew its position in Magellan Midstream Partners by 7.8% in the 4th quarter. Cetera Investment Advisers now owns 16,448 shares of the pipeline company's stock valued at $764,000 after acquiring an additional 1,193 shares in the last quarter. Longfellow Investment Management Co. LLC boosted its stake in shares of Magellan Midstream Partners by 3.7% in the 4th quarter. Longfellow Investment Management Co. LLC now owns 894,314 shares of the pipeline company's stock valued at $41,532,000 after buying an additional 32,107 shares during the period. Finally, Spears Abacus Advisors LLC purchased a new position in shares of Magellan Midstream Partners in the 4th quarter valued at about $353,000. 52.37% of the stock is owned by institutional investors and hedge funds.
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Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Wells Fargo & Company upgraded Magellan Midstream Partners from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $54.00 to $56.00 in a research note on Tuesday, May 31st. The Goldman Sachs Group upgraded Magellan Midstream Partners from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $55.00 to $59.00 in a research note on Wednesday, June 8th. Finally, Royal Bank of Canada lifted their price objective on Magellan Midstream Partners from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, August 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $53.73.
Magellan Midstream Partners Stock Up 2.9 %
MMP stock traded up $1.33 during trading on Wednesday, hitting $47.83. 30,932 shares of the company's stock were exchanged, compared to its average volume of 681,032. The business has a 50-day moving average price of $50.84 and a two-hundred day moving average price of $49.93. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 3.02 and a beta of 0.92. Magellan Midstream Partners, L.P. has a 52-week low of $43.58 and a 52-week high of $53.75. The company has a current ratio of 0.97, a quick ratio of 0.49 and a debt-to-equity ratio of 2.84.
Magellan Midstream Partners Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, August 5th were paid a dividend of $1.0375 per share. This represents a $4.15 annualized dividend and a yield of 8.68%. The ex-dividend date was Thursday, August 4th. 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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