Magellan Midstream Partners L.P. (MMP) Stake Increased by M&R Capital Management Inc.

M&R Capital Management Inc. lifted its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 16.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,500 shares of the pipeline company’s stock after acquiring an additional 500 shares during the quarter. M&R Capital Management Inc.’s holdings in Magellan Midstream Partners L.P. were worth $235,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Private Trust Co. NA grew its stake in shares of Magellan Midstream Partners L.P. by 5.7% in the 2nd quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock worth $1,339,000 after acquiring an additional 1,009 shares in the last quarter. Brighton Jones LLC bought a new position in Magellan Midstream Partners L.P. during the first quarter valued at about $426,000. Patriot Financial Group Insurance Agency LLC grew its position in Magellan Midstream Partners L.P. by 5.2% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 7,081 shares of the pipeline company’s stock valued at $492,000 after buying an additional 350 shares during the period. New England Private Wealth Advisors LLC grew its position in Magellan Midstream Partners L.P. by 11.4% during the second quarter. New England Private Wealth Advisors LLC now owns 8,358 shares of the pipeline company’s stock valued at $596,000 after buying an additional 858 shares during the period. Finally, Wilbanks Smith & Thomas Asset Management LLC bought a new position in Magellan Midstream Partners L.P. during the first quarter valued at about $654,000. Hedge funds and other institutional investors own 60.87% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (MMP) traded up 0.04% during midday trading on Wednesday, hitting $70.55. 59,033 shares of the stock were exchanged. The stock has a market cap of $16.05 billion, a P/E ratio of 21.06 and a beta of 0.79. The firm’s 50 day moving average price is $69.34 and its 200-day moving average price is $71.40. 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 posted its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company had revenue of $619.40 million for the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the previous year, the firm earned $0.82 EPS. The firm’s revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts expect that Magellan Midstream Partners L.P. will post $3.89 earnings per share for the current fiscal year.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the transaction, the insider now directly owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.24% of the stock is currently owned by insiders.

MMP has been the subject of several research reports. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Barclays PLC lowered 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. Stifel Nicolaus restated a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Royal Bank Of Canada restated a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Finally, Mizuho lowered shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $74.00 to $72.00 in a research report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $79.04.

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Magellan Midstream Partners L.P. Company Profile

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

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