Main Street Research LLC boosted its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 0.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 3,205 shares of the pipeline company’s stock after buying an additional 3 shares during the period. Main Street Research LLC’s holdings in Magellan Midstream Partners L.P. were worth $228,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Trust Co. NA boosted its position in shares of Magellan Midstream Partners L.P. by 5.7% in the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock valued at $1,339,000 after buying an additional 1,009 shares in the last quarter. Morningstar Investment Services LLC boosted its position in shares of Magellan Midstream Partners L.P. by 1.7% in the first quarter. Morningstar Investment Services LLC now owns 389,972 shares of the pipeline company’s stock valued at $29,993,000 after buying an additional 6,562 shares in the last quarter. Wedbush Securities Inc. boosted its position in shares of Magellan Midstream Partners L.P. by 0.4% in the first quarter. Wedbush Securities Inc. now owns 10,262 shares of the pipeline company’s stock valued at $789,000 after buying an additional 39 shares in the last quarter. Heritage Wealth Advisors purchased a new position in shares of Magellan Midstream Partners L.P. during the first quarter valued at about $1,963,000. Finally, Pinnacle Bank purchased a new position in shares of Magellan Midstream Partners L.P. during the first quarter valued at about $283,000. Hedge funds and other institutional investors own 62.80% of the company’s stock.
Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded up 0.71% during trading on Tuesday, reaching $71.40. The company’s stock had a trading volume of 364,802 shares. The stock has a market cap of $16.28 billion, a price-to-earnings ratio of 19.89 and a beta of 0.81. Magellan Midstream Partners L.P. has a one year low of $64.25 and a one year high of $81.77. The company has a 50-day moving average price of $71.79 and a 200-day moving average price of $75.38.
Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Wednesday, May 3rd. The pipeline company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.08. Magellan Midstream Partners L.P. had a return on equity of 41.17% and a net margin of 35.16%. The business had revenue of $519.80 million for the quarter, compared to the consensus estimate of $554.22 million. During the same quarter in the prior year, the company earned $0.87 EPS. The business’s revenue was down 19.0% compared to the same quarter last year. On average, equities research analysts forecast that Magellan Midstream Partners L.P. will post $3.87 earnings per share for the current fiscal year.
Several analysts recently weighed in on MMP shares. Macquarie started coverage on shares of Magellan Midstream Partners L.P. in a report on Friday, April 21st. They issued a “neutral” rating and a $80.00 price target on the stock. UBS AG reiterated a “neutral” rating and issued a $82.00 price target (up previously from $81.00) on shares of Magellan Midstream Partners L.P. in a report on Thursday, March 23rd. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Credit Suisse Group upgraded shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $80.00 to $84.00 in a report on Thursday, May 4th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a report on Thursday, April 13th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $78.84.
In other news, insider Douglas J. May sold 8,000 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the transaction, the insider now owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is currently owned by corporate insiders.
About Magellan Midstream Partners L.P.
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