Associated Banc Corp Sells 200 Shares of Magellan Midstream Partners L.P. (MMP)

Associated Banc Corp reduced its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,222 shares of the company’s stock after selling 200 shares during the period. Associated Banc Corp’s holdings in Magellan Midstream Partners L.P. were worth $849,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Moody Lynn & Lieberson LLC bought a new position in shares of Magellan Midstream Partners L.P. during the second quarter valued at $204,000. Bbva Compass Bancshares Inc. boosted its position in shares of Magellan Midstream Partners L.P. by 64.3% in the second quarter. Bbva Compass Bancshares Inc. now owns 9,171 shares of the company’s stock valued at $697,000 after buying an additional 3,590 shares during the period. AGF Investments Inc. boosted its position in shares of Magellan Midstream Partners L.P. by 147,804.0% in the second quarter. AGF Investments Inc. now owns 334,263 shares of the company’s stock valued at $25,395,000 after buying an additional 334,037 shares during the period. Peak Asset Management LLC boosted its position in shares of Magellan Midstream Partners L.P. by 1.5% in the second quarter. Peak Asset Management LLC now owns 5,780 shares of the company’s stock valued at $439,000 after buying an additional 85 shares during the period. Finally, Buckingham Asset Management LLC boosted its position in shares of Magellan Midstream Partners L.P. by 0.7% in the second quarter. Buckingham Asset Management LLC now owns 5,591 shares of the company’s stock valued at $425,000 after buying an additional 39 shares during the period. Institutional investors own 63.42% of the company’s stock.

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

Magellan Midstream Partners L.P. (NYSE:MMP) traded down 1.16% during trading on Friday, hitting $80.09. The stock had a trading volume of 192,803 shares. The company has a 50-day moving average of $77.51 and a 200 day moving average of $71.81. Magellan Midstream Partners L.P. has a 52-week low of $63.03 and a 52-week high of $81.77. The firm has a market cap of $18.24 billion, a P/E ratio of 22.75 and a beta of 0.82.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Thursday, February 2nd. The company reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.08. Magellan Midstream Partners L.P. had a return on equity of 40.66% and a net margin of 36.40%. The company had revenue of $614.92 million for the quarter, compared to analysts’ expectations of $610.41 million. During the same period last year, the firm earned $0.86 EPS. Magellan Midstream Partners L.P.’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Magellan Midstream Partners L.P. will post $3.82 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Investors of record on Friday, February 3rd were issued a $0.855 dividend. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.42 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date was Wednesday, February 1st. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is currently 97.44%.

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Several research firms recently commented on MMP. Zacks Investment Research cut Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating in a research report on Monday, October 24th. Goldman Sachs Group, Inc. (The) upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $76.00 to $85.00 in a research report on Thursday, December 15th. Ladenburg Thalmann Financial Services began coverage on Magellan Midstream Partners L.P. in a research report on Monday, December 19th. They set a “buy” rating and a $80.00 target price for the company. Deutsche Bank AG began coverage on Magellan Midstream Partners L.P. in a research report on Tuesday, January 3rd. They set a “buy” rating and a $86.00 target price for the company. Finally, RBC Capital Markets restated a “buy” rating and set a $84.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Friday, January 6th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $78.48.

In related news, insider Lisa J. Korner sold 10,000 shares of the firm’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $78.67, for a total value of $786,700.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael N. Mears sold 50,000 shares of the firm’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $78.74, for a total value of $3,937,000.00. Following the completion of the transaction, the chief executive officer now directly owns 184,440 shares in the company, valued at $14,522,805.60. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by company insiders.

About Magellan Midstream Partners L.P.

5 Day Chart for NYSE:MMP

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