Forsta AP Fonden raised its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 420.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 179,400 shares of the pipeline company’s stock after buying an additional 144,900 shares during the period. Forsta AP Fonden owned 0.08% of Magellan Midstream Partners L.P. worth $12,786,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Founders Capital Management acquired a new position in Magellan Midstream Partners L.P. during the first quarter worth about $109,000. Acropolis Investment Management LLC acquired a new position in Magellan Midstream Partners L.P. during the first quarter worth about $118,000. Catalyst Capital Advisors LLC increased its position in Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after buying an additional 300 shares during the last quarter. NEXT Financial Group Inc increased its position in Magellan Midstream Partners L.P. by 7.5% in the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after buying an additional 126 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. boosted its stake in Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after buying an additional 87 shares during the last quarter. 62.87% of the stock is currently owned by institutional investors.
Magellan Midstream Partners L.P. (NYSE MMP) traded down 0.154% during mid-day trading on Thursday, hitting $70.032. The company had a trading volume of 194,467 shares. The company has a market capitalization of $15.97 billion, a P/E ratio of 19.508 and a beta of 0.80. Magellan Midstream Partners L.P. has a 52-week low of $64.25 and a 52-week high of $81.77. The company has a 50-day moving average price of $70.09 and a 200 day moving average price of $74.72.
Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.17% and a net margin of 35.16%. The company had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period last year, the business posted $0.82 EPS. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% on a year-over-year basis. On average, analysts forecast that Magellan Midstream Partners L.P. will post $3.88 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 5.08%. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 99.44%.
TRADEMARK VIOLATION WARNING: This report was originally published by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this report on another website, it was illegally stolen and republished in violation of US and international trademark & copyright laws. The original version of this report can be accessed at https://stocknewstimes.com/2017/08/03/magellan-midstream-partners-l-p-nysemmp-stake-raised-by-forsta-ap-fonden-updated.html.
A number of equities research analysts have commented on MMP shares. Royal Bank Of Canada restated a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Thursday, April 13th. Credit Suisse Group upgraded shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $84.00 in a research report on Thursday, May 4th. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Jefferies Group LLC started coverage on shares of Magellan Midstream Partners L.P. in a research report on Thursday, June 22nd. They set a “hold” rating and a $73.00 price objective on the stock. Finally, Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. Magellan Midstream Partners L.P. currently has a consensus rating of “Hold” and a consensus target price of $78.62.
In related news, insider Douglas J. May sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.24% of the company’s stock.
Magellan Midstream Partners L.P. Company Profile
Receive News & Ratings for Magellan Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.
