Magellan Midstream Partners, L.P. (MMP) Holdings Increased by Ardevora Asset Management LLP

Ardevora Asset Management LLP grew its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 523,839 shares of the pipeline company’s stock after buying an additional 11,700 shares during the quarter. Ardevora Asset Management LLP owned about 0.23% of Magellan Midstream Partners worth $35,474,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Global X Management Co LLC raised its holdings in shares of Magellan Midstream Partners by 7.4% in the 2nd quarter. Global X Management Co LLC now owns 1,218,874 shares of the pipeline company’s stock worth $84,200,000 after purchasing an additional 83,828 shares in the last quarter. Charles Schwab Investment Advisory Inc. bought a new stake in shares of Magellan Midstream Partners in the 2nd quarter worth approximately $19,419,000. Sei Investments Co. raised its holdings in shares of Magellan Midstream Partners by 212.1% in the 2nd quarter. Sei Investments Co. now owns 151,665 shares of the pipeline company’s stock worth $10,477,000 after purchasing an additional 103,070 shares in the last quarter. Aperio Group LLC raised its holdings in shares of Magellan Midstream Partners by 92.2% in the 2nd quarter. Aperio Group LLC now owns 14,016 shares of the pipeline company’s stock worth $968,000 after purchasing an additional 6,725 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Magellan Midstream Partners in the 2nd quarter worth approximately $106,000. Institutional investors own 63.34% of the company’s stock.

In other news, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 169,295 shares in the company, valued at $11,654,267.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jeff R. Selvidge sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total transaction of $377,850.00. Following the sale, the senior vice president now owns 20,380 shares in the company, valued at approximately $1,400,106. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock worth $2,786,500 in the last 90 days. 0.26% of the stock is owned by company insiders.



MMP stock opened at $60.99 on Wednesday. Magellan Midstream Partners, L.P. has a 52-week low of $54.82 and a 52-week high of $75.82. The company has a current ratio of 0.54, a quick ratio of 0.31 and a debt-to-equity ratio of 2.04. The company has a market cap of $14.16 billion, a PE ratio of 16.01, a PEG ratio of 2.47 and a beta of 0.79.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. The business had revenue of $644.10 million for the quarter, compared to analyst estimates of $662.37 million. During the same quarter in the previous year, the business earned $0.91 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts anticipate that Magellan Midstream Partners, L.P. will post 4.19 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be issued a dividend of $0.9775 per share. The ex-dividend date is Tuesday, November 6th. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.41%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. Magellan Midstream Partners’s payout ratio is currently 100.52%.

A number of analysts recently commented on MMP shares. Barclays boosted their target price on shares of Magellan Midstream Partners from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 11th. BMO Capital Markets reiterated a “buy” rating and issued a $85.00 target price on shares of Magellan Midstream Partners in a report on Friday, July 13th. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Monday, July 16th. Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Finally, ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners has an average rating of “Hold” and an average target price of $74.64.

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.

Further Reading: Understanding Price to Earnings Ratio (PE)

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

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