CFO4Life Group LLC raised its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 3.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,342 shares of the pipeline company's stock after acquiring an additional 239 shares during the quarter. CFO4Life Group LLC's holdings in Magellan Midstream Partners were worth $311,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. LPL Financial LLC raised its stake 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 purchasing an additional 12,937 shares during 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 raised its stake 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 purchasing an additional 1,193 shares during the last quarter. Longfellow Investment Management Co. LLC raised its stake in 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 purchasing an additional 32,107 shares during the last quarter. Finally, Spears Abacus Advisors LLC acquired a new position in Magellan Midstream Partners in the 4th quarter valued at about $353,000. Institutional investors and hedge funds own 52.37% of the company's stock.
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Analyst Ratings Changes
Several analysts have commented on MMP shares. Royal Bank of Canada lifted their price target on Magellan Midstream Partners from $56.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday, August 3rd. The Goldman Sachs Group upgraded Magellan Midstream Partners from a "neutral" rating to a "buy" rating and lifted their price target for the company from $55.00 to $59.00 in a report on Wednesday, June 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Magellan Midstream Partners has a consensus rating of "Hold" and a consensus price target of $53.73.
Magellan Midstream Partners Stock Down 0.7 %
Shares of MMP traded down $0.35 during trading on Thursday, reaching $47.82. The company's stock had a trading volume of 658,140 shares, compared to its average volume of 1,083,948. The company has a fifty day moving average of $50.81 and a two-hundred day moving average of $49.92. Magellan Midstream Partners, L.P. has a twelve month low of $43.58 and a twelve month high of $53.75. The company has a market cap of $9.93 billion, a price-to-earnings ratio of 10.24, a P/E/G ratio of 3.07 and a beta of 0.92. The company has a quick ratio of 0.49, a current ratio of 0.97 and a debt-to-equity ratio of 2.84.
Magellan Midstream Partners (NYSE:MMP – Get Rating) last announced its earnings results on Thursday, July 28th. The pipeline company reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.12. Magellan Midstream Partners had a return on equity of 51.99% and a net margin of 34.33%. The company had revenue of $788.60 million for the quarter, compared to analyst estimates of $688.81 million. On average, sell-side analysts predict that Magellan Midstream Partners, L.P. will post 4.39 EPS for the current fiscal year.
Magellan Midstream Partners Dividend Announcement
The business also recently disclosed 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. The ex-dividend date was Thursday, August 4th. This represents a $4.15 dividend on an annualized basis and a yield of 8.68%. Magellan Midstream Partners's payout ratio is currently 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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