Magellan Midstream Partners, L.P. (MMP) Shares Sold by Cortland Advisers LLC

Cortland Advisers LLC reduced its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 7.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 282,862 shares of the pipeline company’s stock after selling 22,501 shares during the period. Magellan Midstream Partners makes up about 1.0% of Cortland Advisers LLC’s holdings, making the stock its 28th largest position. Cortland Advisers LLC owned about 0.12% of Magellan Midstream Partners worth $19,156,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ACG Wealth boosted its position in shares of Magellan Midstream Partners by 9.7% in the 3rd quarter. ACG Wealth now owns 9,010 shares of the pipeline company’s stock worth $610,000 after buying an additional 799 shares in the last quarter. Newport Wealth Strategies Inc. boosted its position in shares of Magellan Midstream Partners by 16.9% in the 2nd quarter. Newport Wealth Strategies Inc. now owns 5,539 shares of the pipeline company’s stock worth $383,000 after buying an additional 801 shares in the last quarter. Bartlett & Co. LLC boosted its position in shares of Magellan Midstream Partners by 9.9% in the 3rd quarter. Bartlett & Co. LLC now owns 8,985 shares of the pipeline company’s stock worth $608,000 after buying an additional 806 shares in the last quarter. First Western Capital Management Co boosted its position in shares of Magellan Midstream Partners by 13.5% in the 2nd quarter. First Western Capital Management Co now owns 6,865 shares of the pipeline company’s stock worth $474,000 after buying an additional 815 shares in the last quarter. Finally, Spinnaker Trust boosted its position in shares of Magellan Midstream Partners by 2.4% in the 3rd quarter. Spinnaker Trust now owns 38,503 shares of the pipeline company’s stock worth $2,606,000 after buying an additional 903 shares in the last quarter. Institutional investors own 65.61% of the company’s stock.

In other news, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.70, for a total transaction of $377,850.00. Following the completion of the transaction, the senior vice president now owns 20,380 shares of the company’s stock, valued at approximately $1,400,106. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael N. Mears sold 30,000 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the transaction, the chief executive officer now directly owns 169,295 shares of the company’s stock, valued at approximately $11,654,267.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,500 shares of company stock worth $2,786,500. 0.26% of the stock is owned by insiders.

NYSE:MMP opened at $61.47 on Tuesday. The stock has a market capitalization of $13.80 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 2.32 and a beta of 0.81. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60. Magellan Midstream Partners, L.P. has a 12-month low of $54.82 and a 12-month high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.07. The company had revenue of $638.00 million for the quarter, compared to analyst estimates of $621.97 million. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 EPS. Analysts forecast that Magellan Midstream Partners, L.P. will post 4.35 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th were issued a $0.9775 dividend. This represents a $3.91 dividend on an annualized basis and a yield of 6.36%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio is 102.62%.

Several equities research analysts recently commented on MMP shares. ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Friday, September 14th. Goldman Sachs Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research report on Monday, October 8th. Wells Fargo & Co decreased their price objective on shares of Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 6th. Barclays reduced their target price on shares of Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, November 2nd. Finally, Citigroup reduced their target price on shares of Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $74.06.

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Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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

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