Comerica Bank Cuts Stake in Magellan Midstream Partners, L.P. (MMP)

Comerica Bank decreased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 18.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 14,909 shares of the pipeline company’s stock after selling 3,323 shares during the quarter. Comerica Bank’s holdings in Magellan Midstream Partners were worth $1,025,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Alps Advisors Inc. boosted its stake in Magellan Midstream Partners by 5.2% in the 3rd quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock worth $1,070,564,000 after purchasing an additional 745,755 shares during the period. Beach Investment Management LLC. boosted its stake in Magellan Midstream Partners by 1,479.2% in the 2nd quarter. Beach Investment Management LLC. now owns 762,331 shares of the pipeline company’s stock worth $54,331,000 after purchasing an additional 714,059 shares during the period. Renaissance Technologies LLC boosted its stake in Magellan Midstream Partners by 296.7% in the 2nd quarter. Renaissance Technologies LLC now owns 871,016 shares of the pipeline company’s stock worth $62,077,000 after purchasing an additional 651,423 shares during the period. Center Coast Capital Advisors LP boosted its stake in Magellan Midstream Partners by 6.7% in the 3rd quarter. Center Coast Capital Advisors LP now owns 2,163,683 shares of the pipeline company’s stock worth $153,751,000 after purchasing an additional 135,497 shares during the period. Finally, Global X Management Co. LLC boosted its stake in Magellan Midstream Partners by 20.4% in the 2nd quarter. Global X Management Co. LLC now owns 769,708 shares of the pipeline company’s stock worth $54,857,000 after purchasing an additional 130,295 shares during the period. Institutional investors own 62.48% of the company’s stock.

Several research analysts have commented on MMP shares. BidaskClub downgraded Magellan Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Jefferies Group reaffirmed a “hold” rating and issued a $70.00 price target (down previously from $73.00) on shares of Magellan Midstream Partners in a report on Sunday, September 3rd. Citigroup raised Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Thursday, September 21st. Finally, Mizuho reaffirmed a “sell” rating and issued a $72.00 price target on shares of Magellan Midstream Partners in a report on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $79.04.

Magellan Midstream Partners, L.P. (NYSE MMP) traded down $0.85 during trading hours on Monday, hitting $67.23. The company’s stock had a trading volume of 101,338 shares, compared to its average volume of 703,598. Magellan Midstream Partners, L.P. has a 1 year low of $63.55 and a 1 year high of $81.77. The stock has a market cap of $15,523.92, a PE ratio of 17.87, a P/E/G ratio of 2.31 and a beta of 0.77. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.02. The firm had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. Magellan Midstream Partners had a return on equity of 40.99% and a net margin of 34.50%. The company’s revenue was down 3.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 EPS. equities analysts expect that Magellan Midstream Partners, L.P. will post 3.88 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd were issued a dividend of $0.905 per share. This represents a $3.62 dividend on an annualized basis and a dividend yield of 5.38%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.89. The ex-dividend date was Wednesday, November 1st. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 97.84%.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

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Magellan Midstream Partners Profile

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

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