Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Sold by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust reduced its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 5.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,912 shares of the pipeline company’s stock after selling 1,735 shares during the quarter. Magellan Midstream Partners accounts for 0.6% of Parkside Financial Bank & Trust’s investment portfolio, making the stock its 25th largest position. Parkside Financial Bank & Trust’s holdings in Magellan Midstream Partners were worth $1,786,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Huntington National Bank lifted its holdings in Magellan Midstream Partners by 0.5% during the 2nd quarter. Huntington National Bank now owns 31,373 shares of the pipeline company’s stock worth $2,008,000 after buying an additional 160 shares in the last quarter. AGF Investments LLC lifted its stake in shares of Magellan Midstream Partners by 30.6% in the second quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock valued at $50,000 after purchasing an additional 182 shares during the period. FTB Advisors Inc. lifted its stake in shares of Magellan Midstream Partners by 5.7% in the second quarter. FTB Advisors Inc. now owns 3,591 shares of the pipeline company’s stock valued at $230,000 after purchasing an additional 193 shares during the period. Adell Harriman & Carpenter Inc. raised its position in Magellan Midstream Partners by 2.5% during the first quarter. Adell Harriman & Carpenter Inc. now owns 8,198 shares of the pipeline company’s stock worth $497,000 after acquiring an additional 200 shares during the last quarter. Finally, Rothschild Investment Corp IL raised its position in Magellan Midstream Partners by 0.4% during the second quarter. Rothschild Investment Corp IL now owns 49,300 shares of the pipeline company’s stock worth $3,155,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 70.17% of the company’s stock.

In other news, Director Chansoo Joung bought 5,000 shares of Magellan Midstream Partners stock in a transaction dated Tuesday, August 20th. The shares were acquired at an average cost of $67.28 per share, with a total value of $336,400.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $336,400. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeff R. Selvidge sold 7,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the transaction, the insider now directly owns 17,897 shares in the company, valued at $1,188,002.86. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

MMP traded down $0.65 during trading on Thursday, hitting $66.55. 99,257 shares of the company’s stock were exchanged, compared to its average volume of 868,451. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73. Magellan Midstream Partners, L.P. has a 1 year low of $54.25 and a 1 year high of $71.05. The stock has a 50 day moving average price of $65.71 and a 200 day moving average price of $62.40. The firm has a market cap of $15.34 billion, a P/E ratio of 15.66, a price-to-earnings-growth ratio of 2.69 and a beta of 0.74.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.13. Magellan Midstream Partners had a net margin of 48.33% and a return on equity of 38.48%. The company had revenue of $701.70 million during the quarter, compared to the consensus estimate of $658.67 million. During the same period in the previous year, the firm earned $0.94 earnings per share. Magellan Midstream Partners’s revenue for the quarter was up 8.9% on a year-over-year basis. Analysts forecast that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were given a dividend of $1.013 per share. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 dividend on an annualized basis and a dividend yield of 6.09%. The ex-dividend date was Tuesday, August 6th. Magellan Midstream Partners’s payout ratio is presently 95.29%.

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Credit Suisse Group boosted their target price on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Bank of America boosted their target price on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Johnson Rice initiated coverage on shares of Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 target price for the company. Finally, Raymond James boosted their target price on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Magellan Midstream Partners currently has a consensus rating of “Hold” and an average target price of $69.00.

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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