Van ECK Associates Corp Sells 3,169 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Van ECK Associates Corp lowered its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 12.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,871 shares of the pipeline company’s stock after selling 3,169 shares during the quarter. Van ECK Associates Corp’s holdings in Magellan Midstream Partners were worth $1,070,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bollard Group LLC increased its stake in Magellan Midstream Partners by 9.3% in the first quarter. Bollard Group LLC now owns 522,400 shares of the pipeline company’s stock valued at $22,651,000 after acquiring an additional 44,341 shares during the period. Argent Trust Co increased its stake in Magellan Midstream Partners by 21.7% in the second quarter. Argent Trust Co now owns 20,700 shares of the pipeline company’s stock valued at $1,012,000 after acquiring an additional 3,688 shares during the period. Rede Wealth LLC bought a new stake in Magellan Midstream Partners in the second quarter valued at about $205,000. Tortoise Index Solutions LLC grew its stake in Magellan Midstream Partners by 8.1% during the second quarter. Tortoise Index Solutions LLC now owns 194,386 shares of the pipeline company’s stock worth $9,507,000 after buying an additional 14,576 shares during the last quarter. Finally, Busey Wealth Management grew its stake in Magellan Midstream Partners by 25.7% during the second quarter. Busey Wealth Management now owns 19,053 shares of the pipeline company’s stock worth $932,000 after buying an additional 3,900 shares during the last quarter. 59.41% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE MMP opened at $46.33 on Wednesday. The company’s 50 day simple moving average is $47.60 and its 200 day simple moving average is $47.60. Magellan Midstream Partners, L.P. has a fifty-two week low of $32.61 and a fifty-two week high of $53.85. The firm has a market capitalization of $10.26 billion, a P/E ratio of 11.55 and a beta of 1.13. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.59 and a quick ratio of 1.25.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, July 29th. The pipeline company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.24. The company had revenue of $653.64 million for the quarter, compared to analyst estimates of $561.73 million. Magellan Midstream Partners had a net margin of 35.90% and a return on equity of 42.25%. Sell-side analysts expect that Magellan Midstream Partners, L.P. will post 4.09 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, August 6th were issued a $1.0275 dividend. The ex-dividend date of this dividend was Thursday, August 5th. This represents a $4.11 annualized dividend and a yield of 8.87%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 107.03%.

Several brokerages have weighed in on MMP. Citigroup decreased their price objective on shares of Magellan Midstream Partners from $56.00 to $51.00 and set a “buy” rating on the stock in a research note on Monday. TheStreet raised shares of Magellan Midstream Partners from a “c+” rating to a “b” rating in a research note on Thursday, June 10th. Morgan Stanley upped their price objective on shares of Magellan Midstream Partners from $53.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Friday, June 18th. Mizuho increased their price target on shares of Magellan Midstream Partners from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, July 30th. Finally, Wells Fargo & Company increased their price target on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, June 24th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $48.73.

About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. 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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Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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