Spectrum Management Group Inc. Invests $138,000 in Magellan Midstream Partners, L.P. (NYSE:MMP)

Spectrum Management Group Inc. bought a new position in Magellan Midstream Partners, L.P. (NYSE:MMP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,162 shares of the pipeline company’s stock, valued at approximately $138,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its stake in shares of Magellan Midstream Partners by 254.3% in the second quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock worth $365,237,000 after acquiring an additional 4,096,277 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its position in shares of Magellan Midstream Partners by 28.7% during the second quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock valued at $318,524,000 after buying an additional 1,108,800 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Magellan Midstream Partners by 5.4% during the first quarter. CIBC Private Wealth Group LLC now owns 2,896,367 shares of the pipeline company’s stock valued at $175,606,000 after buying an additional 147,594 shares during the last quarter. Commonwealth Bank of Australia purchased a new stake in shares of Magellan Midstream Partners during the first quarter valued at $97,092,000. Finally, Northwestern Mutual Investment Management Company LLC boosted its position in shares of Magellan Midstream Partners by 3.9% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 1,411,744 shares of the pipeline company’s stock valued at $85,594,000 after buying an additional 52,434 shares during the last quarter. 71.00% of the stock is currently owned by hedge funds and other institutional investors.

In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 7,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the transaction, the insider now owns 17,897 shares of the company’s stock, valued at $1,188,002.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeff R. Selvidge sold 4,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total value of $254,560.00. Following the completion of the transaction, the insider now directly owns 23,397 shares in the company, valued at approximately $1,488,985.08. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.



MMP stock traded up $1.14 during trading on Friday, reaching $66.69. The stock had a trading volume of 565,743 shares, compared to its average volume of 863,171. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $71.85. The stock’s 50 day moving average is $65.33 and its two-hundred day moving average is $62.25. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73. The firm has a market cap of $15.03 billion, a PE ratio of 15.69, a PEG ratio of 2.63 and a beta of 0.74.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The company had revenue of $701.70 million for the quarter, compared to the consensus estimate of $658.67 million. During the same quarter in the prior year, the company earned $0.94 earnings per share. Magellan Midstream Partners’s revenue was up 8.9% on a year-over-year basis. On average, research analysts anticipate that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a $1.013 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, August 6th. This represents a $4.05 dividend on an annualized basis and a yield of 6.08%. Magellan Midstream Partners’s dividend payout ratio is currently 95.29%.

Several equities research analysts recently commented on MMP shares. Johnson Rice started coverage on Magellan Midstream Partners in a research report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price objective on the stock. Credit Suisse Group increased their price objective on Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, August 6th. Bank of America increased their price objective on Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Finally, Raymond James increased their price objective on Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $69.00.

About Magellan Midstream Partners

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

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