Magellan Midstream Partners L.P. (NYSE:MMP) Stake Raised by SignalPoint Asset Management LLC

SignalPoint Asset Management LLC boosted its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,071 shares of the pipeline company’s stock after buying an additional 20 shares during the period. SignalPoint Asset Management LLC’s holdings in Magellan Midstream Partners L.P. were worth $718,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. OppenheimerFunds Inc. raised its position in Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock valued at $1,003,066,000 after buying an additional 2,345,950 shares during the last quarter. Bank of Montreal Can raised its position in Magellan Midstream Partners L.P. by 34.7% in the second quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock valued at $141,505,000 after buying an additional 511,367 shares during the last quarter. UBS Group AG raised its position in Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after buying an additional 453,671 shares during the last quarter. JPMorgan Chase & Co. raised its position in Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after buying an additional 277,575 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Magellan Midstream Partners L.P. during the first quarter worth about $16,889,000. 62.86% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 69.21 on Tuesday. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77. The company has a 50 day moving average price of $70.09 and a 200 day moving average price of $74.72. The company has a market capitalization of $15.78 billion, a P/E ratio of 18.77 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period last year, the business posted $0.82 EPS. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% on a year-over-year basis. Equities analysts anticipate that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 5.14%. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 96.74%.

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MMP has been the subject of a number of recent analyst reports. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Thursday, April 13th. Macquarie initiated coverage on shares of Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They set a “neutral” rating and a $80.00 target price for the company. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $80.00 to $84.00 in a research note on Thursday, May 4th. Jefferies Group LLC initiated coverage on shares of Magellan Midstream Partners L.P. in a research note on Thursday, June 22nd. They set a “hold” rating and a $73.00 target price for the company. Finally, BidaskClub raised shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $79.10.

In related news, insider Douglas J. May sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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

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