Boys Arnold & Co. Inc. Has $1.21 Million Stake in Magellan Midstream Partners L.P. (MMP)

Boys Arnold & Co. Inc. increased its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 0.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,010 shares of the pipeline company’s stock after buying an additional 150 shares during the period. Boys Arnold & Co. Inc.’s holdings in Magellan Midstream Partners L.P. were worth $1,212,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Camelot Portfolios LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 0.3% in the second quarter. Camelot Portfolios LLC now owns 8,659 shares of the pipeline company’s stock worth $617,000 after buying an additional 28 shares in the last quarter. Arcus Capital Partners LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 0.4% in the first quarter. Arcus Capital Partners LLC now owns 8,943 shares of the pipeline company’s stock worth $688,000 after buying an additional 33 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 1.1% in the second quarter. MCF Advisors LLC now owns 3,257 shares of the pipeline company’s stock worth $232,000 after buying an additional 37 shares in the last quarter. Wedbush Securities Inc. boosted its stake 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 worth $789,000 after buying an additional 39 shares in the last quarter. Finally, Capital Investment Advisory Services LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 1.1% in the first quarter. Capital Investment Advisory Services LLC now owns 6,076 shares of the pipeline company’s stock worth $467,000 after buying an additional 66 shares in the last quarter. 62.46% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (MMP) traded up 0.71% during trading on Friday, reaching $66.69. The company had a trading volume of 504,509 shares. The firm has a 50 day moving average price of $68.62 and a 200 day moving average price of $73.37. The company has a market cap of $15.21 billion, a price-to-earnings ratio of 18.08 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12 month low of $63.92 and a 12 month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The business had revenue of $619.40 million for the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the prior year, the company posted $0.82 EPS. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. Analysts predict that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were paid a $0.89 dividend. The ex-dividend date of this dividend was Thursday, July 27th. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 annualized dividend and a yield of 5.34%. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 96.74%.

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A number of brokerages have weighed in on MMP. BidaskClub cut Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Zacks Investment Research cut Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Mizuho cut Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $74.00 to $72.00 in a research report on Monday, July 10th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $81.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Magellan Midstream Partners L.P. presently has an average rating of “Hold” and a consensus price target of $79.40.

Magellan Midstream Partners L.P. Company Profile

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