Global Retirement Partners LLC grew its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 23.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,320 shares of the pipeline company's stock after acquiring an additional 250 shares during the period. Global Retirement Partners LLC's holdings in Magellan Midstream Partners were worth $63,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of MMP. Farmers & Merchants Investments Inc. acquired a new stake in shares of Magellan Midstream Partners during the first quarter worth $26,000. Rinkey Investments acquired a new stake in Magellan Midstream Partners in the fourth quarter worth $27,000. Sargent Bickham Lagudis LLC acquired a new stake in Magellan Midstream Partners in the second quarter worth $28,000. Godsey & Gibb Associates acquired a new stake in Magellan Midstream Partners in the first quarter worth $29,000. Finally, MCF Advisors LLC acquired a new stake in Magellan Midstream Partners in the first quarter worth $34,000. Institutional investors own 52.37% of the company's stock.
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MMP opened at $48.17 on Thursday. The company has a debt-to-equity ratio of 2.84, a current ratio of 0.97 and a quick ratio of 0.49. The company's 50-day moving average is $50.81 and its 200 day moving average is $49.92. 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 $10.00 billion, a P/E ratio of 10.31, a PEG ratio of 3.02 and a beta of 0.92.
Magellan Midstream Partners (NYSE:MMP – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The pipeline company reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.12. Magellan Midstream Partners had a net margin of 34.33% and a return on equity of 51.99%. The company had revenue of $788.60 million for the quarter, compared to analyst estimates of $688.81 million. Research analysts expect that Magellan Midstream Partners, L.P. will post 4.39 earnings per share for the current fiscal year.Magellan Midstream Partners Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, August 5th were given a dividend of $1.0375 per share. This represents a $4.15 dividend on an annualized basis and a dividend yield of 8.62%. The ex-dividend date was Thursday, August 4th. Magellan Midstream Partners's payout ratio is currently 88.87%.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on MMP shares. The Goldman Sachs Group upgraded shares of Magellan Midstream Partners from a "neutral" rating to a "buy" rating and raised their price target for the stock from $55.00 to $59.00 in a report on Wednesday, June 8th. Royal Bank of Canada raised their price target on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Wednesday, August 3rd. Two 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. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $53.73.
Magellan Midstream Partners Profile
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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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