Crescent Grove Advisors LLC Purchases Shares of 11,866 Magellan Midstream Partners L.P. (MMP)

Crescent Grove Advisors LLC purchased a new stake in Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,866 shares of the pipeline company’s stock, valued at approximately $846,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. TNB Financial acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at approximately $212,000. Prospera Financial Services Inc increased its stake in shares of Magellan Midstream Partners L.P. by 14.7% in the first quarter. Prospera Financial Services Inc now owns 19,741 shares of the pipeline company’s stock valued at $1,518,000 after buying an additional 2,536 shares during the last quarter. Pinnacle Bank acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at approximately $283,000. Bollard Group LLC increased its stake in shares of Magellan Midstream Partners L.P. by 10.6% in the first quarter. Bollard Group LLC now owns 422,906 shares of the pipeline company’s stock valued at $32,526,000 after buying an additional 40,471 shares during the last quarter. Finally, Boys Arnold & Co. Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 2.1% in the first quarter. Boys Arnold & Co. Inc. now owns 16,860 shares of the pipeline company’s stock valued at $1,297,000 after buying an additional 350 shares during the last quarter. Institutional investors and hedge funds own 62.86% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (MMP) opened at 67.37 on Friday. The firm has a 50 day moving average price of $69.97 and a 200 day moving average price of $74.43. Magellan Midstream Partners L.P. has a 1-year low of $64.25 and a 1-year high of $81.77. The firm has a market cap of $15.36 billion, a P/E ratio of 18.27 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $619.40 million during the quarter, compared to the consensus estimate of $561.70 million. During the same period in the prior year, the firm earned $0.82 EPS. The company’s revenue was up 19.4% compared to the same quarter last year. Analysts anticipate that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be given a dividend of $0.89 per share. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date is Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 96.74%.

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Several analysts recently commented on MMP shares. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Tuesday, July 18th. Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $88.00 to $77.00 in a research note on Tuesday, July 18th. Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Stifel Nicolaus reaffirmed a “hold” rating and set a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Thursday, April 13th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Magellan Midstream Partners L.P. presently has an average rating of “Hold” and an average target price of $79.10.

In related news, insider Douglas J. May sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.24% of the stock is owned by corporate insiders.

About Magellan Midstream Partners L.P.

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

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