Magellan Midstream Partners L.P. (MMP) Position Maintained by Parsec Financial Management Inc.

Parsec Financial Management Inc. held its stake in Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,486 shares of the pipeline company’s stock at the end of the second quarter. Parsec Financial Management Inc.’s holdings in Magellan Midstream Partners L.P. were worth $248,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Founders Capital Management bought a new stake in Magellan Midstream Partners L.P. during the first quarter valued at $109,000. Acropolis Investment Management LLC acquired a new position in Magellan Midstream Partners L.P. during the first quarter valued at approximately $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 valued at $121,000 after buying an additional 300 shares during the period. 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 valued at $129,000 after buying an additional 126 shares during the period. 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 valued at $140,000 after buying an additional 87 shares during the period. Hedge funds and other institutional investors own 62.46% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 64.84 on Friday. The firm has a market cap of $14.79 billion, a price-to-earnings ratio of 17.58 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 stock has a 50 day moving average of $69.29 and a 200 day moving average of $73.87.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping 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 business had revenue of $619.40 million for the quarter, compared to analyst estimates 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 was up 19.4% compared to the same quarter last year. Equities analysts predict that Magellan Midstream Partners L.P. will post $3.91 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were issued a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 5.49%. The ex-dividend date of this dividend was Thursday, July 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s payout ratio is 96.74%.

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Several research firms have recently issued reports on MMP. BidaskClub cut shares of Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Thursday. Royal Bank Of Canada reissued 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. Barclays PLC cut shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $88.00 to $77.00 in a research report on Tuesday, July 18th. Macquarie started coverage on shares of Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They issued a “neutral” rating and a $80.00 price objective on the stock. Finally, Stifel Nicolaus restated a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Three investment 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. The stock presently has an average rating of “Hold” and a consensus target price of $79.77.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of the business’s stock in a transaction 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 sale, the insider now owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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

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