Securian Asset Management Inc grew its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 8.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,058 shares of the pipeline company’s stock after acquiring an additional 2,447 shares during the period. Securian Asset Management Inc’s holdings in Magellan Midstream Partners were worth $1,715,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Arlington Partners LLC purchased a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at $40,000. Essex Savings Bank purchased a new stake in Magellan Midstream Partners during the fourth quarter worth $52,000. Manchester Capital Management LLC boosted its holdings in Magellan Midstream Partners by 56.3% during the fourth quarter. Manchester Capital Management LLC now owns 938 shares of the pipeline company’s stock worth $65,000 after buying an additional 338 shares in the last quarter. Financial Architects Inc boosted its holdings in Magellan Midstream Partners by 122.0% during the fourth quarter. Financial Architects Inc now owns 1,820 shares of the pipeline company’s stock worth $104,000 after buying an additional 1,000 shares in the last quarter. Finally, Northern Oak Wealth Management Inc. boosted its holdings in Magellan Midstream Partners by 142.9% during the third quarter. Northern Oak Wealth Management Inc. now owns 1,700 shares of the pipeline company’s stock worth $115,000 after buying an additional 1,000 shares in the last quarter. 65.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of MMP stock opened at $57.53 on Monday. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46. The stock has a market cap of $13.13 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 2.33 and a beta of 0.85. Magellan Midstream Partners, L.P. has a 1-year low of $54.25 and a 1-year high of $72.90.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Thursday, February 7th will be paid a dividend of $0.9775 per share. This represents a $3.91 annualized dividend and a yield of 6.80%. The ex-dividend date of this dividend is Wednesday, February 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 93.88%.
In other Magellan Midstream Partners news, insider Lisa J. Korner sold 10,000 shares of the stock in a transaction dated Monday, December 10th. The shares were sold at an average price of $58.14, for a total transaction of $581,400.00. Following the completion of the transaction, the insider now owns 73,257 shares of the company’s stock, valued at $4,259,161.98. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.26% of the company’s stock.
MMP has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. SunTrust Banks assumed coverage on shares of Magellan Midstream Partners in a research report on Friday, January 18th. They issued a “hold” rating and a $65.00 target price for the company. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Monday, January 7th. Citigroup reduced their target price on shares of Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Finally, Wolfe Research assumed coverage on shares of Magellan Midstream Partners in a research report on Tuesday, October 30th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $72.11.
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About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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