Artemis Investment Management LLP Lowers Position in Magellan Midstream Partners L.P. (MMP)

Artemis Investment Management LLP lowered its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 39.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,648 shares of the pipeline company’s stock after selling 4,388 shares during the quarter. Artemis Investment Management LLP’s holdings in Magellan Midstream Partners L.P. were worth $472,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. grew its holdings in shares of Magellan Midstream Partners L.P. by 0.5% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 13,521,564 shares of the pipeline company’s stock worth $963,682,000 after buying an additional 62,371 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Magellan Midstream Partners L.P. by 1.5% during the second quarter. JPMorgan Chase & Co. now owns 3,821,134 shares of the pipeline company’s stock worth $272,333,000 after buying an additional 57,597 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Magellan Midstream Partners L.P. by 34.7% during the second quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock worth $141,505,000 after buying an additional 511,367 shares during the last quarter. Creative Planning grew its holdings in shares of Magellan Midstream Partners L.P. by 5.3% during the second quarter. Creative Planning now owns 1,705,751 shares of the pipeline company’s stock worth $121,569,000 after buying an additional 85,731 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Magellan Midstream Partners L.P. by 296.7% during the second quarter. Renaissance Technologies LLC now owns 871,016 shares of the pipeline company’s stock worth $62,077,000 after buying an additional 651,423 shares during the last quarter. 61.10% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have weighed in on MMP shares. Mizuho lowered Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $74.00 to $72.00 in a report on Monday, July 10th. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. 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 report on Tuesday, July 18th. Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued 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, eight have issued a hold rating and six have assigned a buy rating to the stock. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and an average target price of $79.04.

Magellan Midstream Partners L.P. (NYSE:MMP) opened at $68.14 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.71 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $15,537.62, a price-to-earnings ratio of 17.88, a price-to-earnings-growth ratio of 2.32 and a beta of 0.78. Magellan Midstream Partners L.P. has a twelve month low of $63.92 and a twelve month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.02. The company had revenue of $551.80 million during the quarter, compared to the consensus estimate of $610.12 million. Magellan Midstream Partners L.P. had a return on equity of 41.10% and a net margin of 34.50%. Magellan Midstream Partners L.P.’s revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. equities research analysts anticipate that Magellan Midstream Partners L.P. will post 3.87 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Thursday, November 2nd will be issued a $0.905 dividend. The ex-dividend date of this dividend is Wednesday, November 1st. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. This represents a $3.62 annualized dividend and a yield of 5.31%. Magellan Midstream Partners L.P.’s payout ratio is 97.84%.

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In other news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $70.64, for a total transaction of $353,200.00. Following the completion of the sale, the insider now directly owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.24% of the company’s stock.

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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