Cowen Prime Services LLC decreased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 93.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,110 shares of the pipeline company’s stock after selling 32,690 shares during the period. Cowen Prime Services LLC’s holdings in Magellan Midstream Partners were worth $35,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of MMP. Howe & Rusling Inc. lifted its holdings in shares of Magellan Midstream Partners by 155.1% during the 4th quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock valued at $27,000 after buying an additional 287 shares during the period. AdvisorNet Financial Inc increased its stake in shares of Magellan Midstream Partners by 132.8% in the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 304 shares in the last quarter. CWM LLC increased its stake in shares of Magellan Midstream Partners by 103.7% in the 1st quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 283 shares in the last quarter. Massey Quick Simon & CO. LLC increased its stake in shares of Magellan Midstream Partners by 308.6% in the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 500 shares in the last quarter. Finally, Arlington Partners LLC purchased a new stake in shares of Magellan Midstream Partners in the 4th quarter worth $40,000. Hedge funds and other institutional investors own 66.81% of the company’s stock.
Shares of Magellan Midstream Partners stock traded up $0.12 during trading on Wednesday, reaching $62.90. 958,105 shares of the stock traded hands, compared to its average volume of 939,062. The company has a quick ratio of 0.39, a current ratio of 0.70 and a debt-to-equity ratio of 1.69. Magellan Midstream Partners, L.P. has a 52-week low of $54.25 and a 52-week high of $72.90. The firm has a market cap of $14.28 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 2.56 and a beta of 0.85.
Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The firm had revenue of $628.90 million during the quarter, compared to the consensus estimate of $692.56 million. During the same quarter last year, the firm earned $1.05 EPS. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities analysts expect that Magellan Midstream Partners, L.P. will post 4.02 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were issued a $1.005 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, May 7th. This represents a $4.02 dividend on an annualized basis and a dividend yield of 6.39%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 94.59%.
Several equities research analysts have recently commented on MMP shares. Zacks Investment Research upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, March 7th. Credit Suisse Group cut their price target on Magellan Midstream Partners from $76.00 to $68.00 and set a “neutral” rating for the company in a research note on Monday, February 11th. Bank of America lowered Magellan Midstream Partners from a “buy” rating to a “neutral” rating and cut their price target for the stock from $69.00 to $62.00 in a research note on Wednesday, February 27th. Finally, Wolfe Research lowered Magellan Midstream Partners to an “underperform” rating and set a $56.00 price target for the company. in a research note on Friday, February 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $69.38.
In related news, Director Robert G. Croyle sold 2,119 shares of the stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total value of $127,012.86. Following the completion of the transaction, the director now owns 3,758 shares of the company’s stock, valued at approximately $225,254.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeff R. Selvidge sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $60.34, for a total transaction of $150,850.00. Following the completion of the sale, the insider now directly owns 25,897 shares of the company’s stock, valued at approximately $1,562,624.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,738 shares of company stock valued at $404,643. 0.26% of the stock is owned by insiders.
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Magellan Midstream Partners Profile
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
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