Westwood Holdings Group Inc. Has $75.57 Million Stake in Magellan Midstream Partners L.P. (MMP)

Westwood Holdings Group Inc. reduced its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 12.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,060,362 shares of the pipeline company’s stock after selling 145,005 shares during the period. Westwood Holdings Group Inc. owned approximately 0.47% of Magellan Midstream Partners L.P. worth $75,572,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Trust Co. NA raised its stake in shares of Magellan Midstream Partners L.P. by 5.7% in the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock valued at $1,339,000 after acquiring an additional 1,009 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Magellan Midstream Partners L.P. in the first quarter valued at $426,000. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Magellan Midstream Partners L.P. by 5.2% in 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 acquiring an additional 350 shares in the last quarter. New England Private Wealth Advisors LLC raised its stake in shares of Magellan Midstream Partners L.P. by 11.4% in 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 acquiring an additional 858 shares in the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in shares of Magellan Midstream Partners L.P. in the first quarter valued at $654,000. Institutional investors and hedge funds own 60.87% of the company’s stock.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of 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 filing with the SEC, which is accessible through this link. Corporate insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. (MMP) traded down 0.21% during mid-day trading on Wednesday, reaching $70.37. The company’s stock had a trading volume of 223,853 shares. The stock has a market capitalization of $16.01 billion, a P/E ratio of 21.01 and a beta of 0.79. Magellan Midstream Partners L.P. has a 1-year low of $63.92 and a 1-year high of $81.77. The stock’s 50 day moving average price is $69.34 and its 200 day moving average price is $71.40.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. The company had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 EPS. Analysts expect that Magellan Midstream Partners L.P. will post $3.89 EPS for the current fiscal year.

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MMP has been the topic of several analyst reports. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Tuesday, June 20th. Jefferies Group LLC initiated coverage on Magellan Midstream Partners L.P. in a research note on Thursday, June 22nd. They issued a “hold” rating and a $73.00 price objective on the stock. BidaskClub upgraded Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Mizuho cut Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $74.00 to $72.00 in a research note on Monday, July 10th. Finally, Zacks Investment Research cut Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $79.04.

About Magellan Midstream Partners L.P.

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

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