Freestone Capital Holdings LLC Has $4.97 Million Position in Magellan Midstream Partners L.P. (NYSE:MMP)

Freestone Capital Holdings LLC raised its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 4.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,748 shares of the pipeline company’s stock after purchasing an additional 3,014 shares during the quarter. Freestone Capital Holdings LLC’s holdings in Magellan Midstream Partners L.P. were worth $4,971,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MMP. Waldron LP purchased a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter worth about $611,000. Eagle Ridge Investment Management raised its holdings in shares of Magellan Midstream Partners L.P. by 3.5% in the 1st quarter. Eagle Ridge Investment Management now owns 19,517 shares of the pipeline company’s stock worth $1,501,000 after purchasing an additional 660 shares during the period. Capital Investment Advisory Services LLC raised its holdings in shares of Magellan Midstream Partners L.P. by 1.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 6,076 shares of the pipeline company’s stock worth $467,000 after purchasing an additional 66 shares during the period. First Trust Advisors LP raised its holdings in shares of Magellan Midstream Partners L.P. by 62.2% in the 1st quarter. First Trust Advisors LP now owns 123,732 shares of the pipeline company’s stock worth $9,516,000 after purchasing an additional 47,432 shares during the period. Finally, Bbva Compass Bancshares Inc. raised its holdings in shares of Magellan Midstream Partners L.P. by 1.9% in the 1st quarter. Bbva Compass Bancshares Inc. now owns 20,776 shares of the pipeline company’s stock worth $1,598,000 after purchasing an additional 379 shares during the period. Institutional investors own 60.80% of the company’s stock.

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Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded up 0.6799% on Wednesday, reaching $70.5464. The company’s stock had a trading volume of 412,404 shares. The stock has a 50-day moving average of $67.79 and a 200 day moving average of $72.37. The stock has a market capitalization of $16.09 billion, a price-to-earnings ratio of 19.1286 and a beta of 0.80. Magellan Midstream Partners L.P. has a 52 week low of $63.92 and a 52 week high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, topping the 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 company had revenue of $619.40 million for the quarter, compared to analysts’ expectations of $561.70 million. During the same quarter in the previous year, the firm posted $0.82 earnings per share. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% on a year-over-year basis. On average, analysts expect that Magellan Midstream Partners L.P. will post $3.90 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.89 per share. The ex-dividend date was Thursday, July 27th. 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. Magellan Midstream Partners L.P.’s dividend payout ratio is 96.74%.

Several equities research analysts recently commented on MMP shares. UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Tuesday, July 18th. Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Royal Bank Of Canada reiterated a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Stifel Nicolaus restated a “hold” rating and set a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five 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 $79.19.

About Magellan Midstream Partners L.P.

Institutional Ownership by Quarter for Magellan Midstream Partners L.P. (NYSE:MMP)

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