Magellan Midstream Partners, L.P. (NYSE:MMP) Stake Reduced by Segment Wealth Management LLC

Segment Wealth Management LLC reduced its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 3.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,463 shares of the pipeline company’s stock after selling 889 shares during the quarter. Segment Wealth Management LLC’s holdings in Magellan Midstream Partners were worth $1,565,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC bought a new position in shares of Magellan Midstream Partners in the first quarter worth $97,648,000. Commonwealth Bank of Australia bought a new position in shares of Magellan Midstream Partners in the first quarter worth $97,092,000. Kayne Anderson Capital Advisors LP grew its stake in shares of Magellan Midstream Partners by 28.7% in the second quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock worth $318,524,000 after purchasing an additional 1,108,800 shares in the last quarter. Perella Weinberg Partners Capital Management LP grew its stake in shares of Magellan Midstream Partners by 69.7% in the first quarter. Perella Weinberg Partners Capital Management LP now owns 413,725 shares of the pipeline company’s stock worth $25,084,000 after purchasing an additional 169,942 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in shares of Magellan Midstream Partners by 41.1% in the first quarter. Parametric Portfolio Associates LLC now owns 555,987 shares of the pipeline company’s stock worth $33,709,000 after purchasing an additional 162,077 shares in the last quarter. 69.17% of the stock is owned by institutional investors.

In other news, insider Jeff R. Selvidge sold 4,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the completion of the sale, the insider now directly owns 23,397 shares of the company’s stock, valued at $1,488,985.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.26% of the company’s stock.

MMP has been the subject of several recent analyst reports. Raymond James increased their price target on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Johnson Rice initiated coverage on Magellan Midstream Partners in a research note on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price target for the company. Bank of America increased their price target on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Finally, Stifel Nicolaus upped their price objective on Magellan Midstream Partners from $62.00 to $68.00 and gave the company a “hold” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $69.00.

Shares of Magellan Midstream Partners stock traded up $0.40 during trading on Friday, hitting $64.93. The stock had a trading volume of 318,249 shares, compared to its average volume of 838,884. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. The stock has a market capitalization of $14.72 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 2.60 and a beta of 0.74. The firm’s fifty day simple moving average is $64.96. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.13. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The business had revenue of $701.70 million during the quarter, compared to analyst estimates of $658.67 million. During the same quarter in the prior year, the firm posted $0.94 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. On average, analysts predict that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be issued a dividend of $1.013 per share. This represents a $4.05 annualized dividend and a dividend yield of 6.24%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date is Tuesday, August 6th. Magellan Midstream Partners’s dividend payout ratio is currently 95.29%.

About Magellan Midstream Partners

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

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