Tiedemann Advisors LLC Acquires 9,205 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Tiedemann Advisors LLC raised its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 620,554 shares of the pipeline company’s stock after purchasing an additional 9,205 shares during the quarter. Magellan Midstream Partners makes up about 2.0% of Tiedemann Advisors LLC’s investment portfolio, making the stock its 11th largest position. Tiedemann Advisors LLC’s holdings in Magellan Midstream Partners were worth $39,717,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Semmax Financial Advisors Inc. raised its position in Magellan Midstream Partners by 115.6% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,195 shares of the pipeline company’s stock valued at $618,000 after purchasing an additional 5,466 shares during the last quarter. RiverGlades Family Offices LLC acquired a new stake in shares of Magellan Midstream Partners in the 1st quarter valued at $631,000. Moors & Cabot Inc. increased its stake in shares of Magellan Midstream Partners by 7.5% in the 2nd quarter. Moors & Cabot Inc. now owns 85,105 shares of the pipeline company’s stock valued at $5,447,000 after buying an additional 5,974 shares during the period. Bogart Wealth LLC increased its stake in shares of Magellan Midstream Partners by 13.0% in the 2nd quarter. Bogart Wealth LLC now owns 38,852 shares of the pipeline company’s stock valued at $2,486,000 after buying an additional 4,467 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Magellan Midstream Partners by 19.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 193,000 shares of the pipeline company’s stock valued at $11,702,000 after buying an additional 32,000 shares during the period. Hedge funds and other institutional investors own 69.90% of the company’s stock.

Shares of NYSE MMP traded down $0.14 during midday trading on Friday, hitting $65.47. The stock had a trading volume of 958,564 shares, compared to its average volume of 663,699. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.66 and a quick ratio of 0.38. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $69.44. The company’s 50-day simple moving average is $65.89 and its 200 day simple moving average is $63.13. The firm has a market cap of $15.02 billion, a P/E ratio of 15.40, a price-to-earnings-growth ratio of 2.49 and a beta of 0.72.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $658.67 million. During the same period in the previous year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities analysts expect that Magellan Midstream Partners, L.P. will post 4.37 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a dividend of $1.013 per share. The ex-dividend date of this dividend was Tuesday, August 6th. 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 6.19%. Magellan Midstream Partners’s payout ratio is 95.29%.

In related news, insider Jeff R. Selvidge sold 7,000 shares of Magellan Midstream Partners 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 completion of the sale, the insider now directly owns 17,897 shares of the company’s stock, valued at $1,188,002.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Chansoo Joung acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average cost of $67.28 per share, with a total value of $336,400.00. Following the completion of the purchase, the director now owns 5,000 shares of the company’s stock, valued at $336,400. The disclosure for this purchase can be found here. 0.26% of the stock is owned by insiders.

Several research firms have recently commented on MMP. Stifel Nicolaus lifted their target price on Magellan Midstream Partners from $62.00 to $68.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday. Johnson Rice began coverage on Magellan Midstream Partners in a research note on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 target price for the company. Raymond James lifted their target price on Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Credit Suisse Group lifted their target price on Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $69.00.

Magellan Midstream Partners Company Profile

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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