River Road Asset Management LLC Decreases Stock Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

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River Road Asset Management LLC decreased its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 11.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 471,443 shares of the pipeline company’s stock after selling 61,703 shares during the period. River Road Asset Management LLC’s holdings in Magellan Midstream Partners were worth $31,243,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of MMP. Manchester Financial Inc. purchased a new position in Magellan Midstream Partners in the 2nd quarter worth about $25,000. B & T Capital Management DBA Alpha Capital Management purchased a new position in Magellan Midstream Partners in the 3rd quarter worth about $30,000. Venturi Wealth Management LLC purchased a new position in Magellan Midstream Partners in the 3rd quarter worth about $34,000. Mechanics Bank Trust Department purchased a new position in Magellan Midstream Partners in the 3rd quarter worth about $40,000. Finally, Weaver Consulting Group purchased a new position in Magellan Midstream Partners in the 2nd quarter worth about $41,000. 65.61% of the stock is owned by institutional investors and hedge funds.

In other Magellan Midstream Partners news, Director Chansoo Joung purchased 5,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was acquired at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $336,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeff R. Selvidge sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the completion of the transaction, the insider now owns 17,897 shares of the company’s stock, valued at $1,188,002.86. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Shares of NYSE:MMP traded up $0.14 during mid-day trading on Tuesday, reaching $60.60. 30,209 shares of the company traded hands, compared to its average volume of 839,138. The company’s 50 day moving average price is $64.48 and its 200-day moving average price is $64.20. The firm has a market cap of $13.85 billion, a PE ratio of 14.26, a PEG ratio of 2.25 and a beta of 0.71. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.83 and a quick ratio of 0.53. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $67.75.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, October 31st. The pipeline company reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.10. The company had revenue of $656.60 million during the quarter, compared to the consensus estimate of $673.05 million. Magellan Midstream Partners had a return on equity of 38.78% and a net margin of 36.75%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.10 EPS. On average, research analysts predict that Magellan Midstream Partners, L.P. will post 4.49 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, November 7th will be paid a dividend of $1.02 per share. The ex-dividend date is Wednesday, November 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.01. This represents a $4.08 dividend on an annualized basis and a dividend yield of 6.73%. Magellan Midstream Partners’s payout ratio is 96.00%.

Several equities research analysts have recently commented on MMP shares. Credit Suisse Group upped their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, August 6th. ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Raymond James upped their price target on shares of Magellan Midstream Partners from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Bank of America lowered shares of Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a research report on Monday, November 4th. Finally, Stifel Nicolaus set a $70.00 price target on shares of Magellan Midstream Partners and gave the company a “hold” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $68.27.

Magellan Midstream Partners Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP).

Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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