Macquarie Group Ltd. Reduces Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Macquarie Group Ltd. lessened its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 98.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,690 shares of the pipeline company’s stock after selling 3,131,258 shares during the period. Macquarie Group Ltd.’s holdings in Magellan Midstream Partners were worth $3,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in Magellan Midstream Partners during the 2nd quarter valued at about $25,000. Weaver Consulting Group purchased a new stake in shares of Magellan Midstream Partners in the 2nd quarter valued at approximately $41,000. AGF Investments LLC grew its stake in shares of Magellan Midstream Partners by 30.6% in the 2nd quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock valued at $50,000 after buying an additional 182 shares during the period. Putnam FL Investment Management Co. purchased a new stake in shares of Magellan Midstream Partners in the 2nd quarter valued at approximately $61,000. Finally, NEXT Financial Group Inc grew its stake in shares of Magellan Midstream Partners by 142.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,455 shares of the pipeline company’s stock valued at $93,000 after buying an additional 855 shares during the period. 66.01% of the stock is owned by institutional investors.

Magellan Midstream Partners stock opened at $65.77 on Friday. The firm has a 50 day simple moving average of $65.97 and a 200-day simple moving average of $63.94. 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 1-year low of $54.25 and a 1-year high of $67.75. The stock has a market cap of $14.95 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 2.50 and a beta of 0.72.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 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 firm had revenue of $701.70 million for the quarter, compared to analyst estimates of $658.67 million. During the same period in the prior year, the business posted $0.94 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. Equities analysts expect that Magellan Midstream Partners, L.P. will post 4.37 earnings per share for the current fiscal year.

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

Several analysts have recently weighed in on the stock. Stifel Nicolaus increased their price target on shares of 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 raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Bank of America increased their price target on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Raymond James increased their price target on shares of 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 increased their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of “Hold” and an average target price of $68.46.

Magellan Midstream Partners 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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