Prospera Financial Services Inc Acquires Shares of 26,089 Magellan Midstream Partners, L.P. (NYSE:MMP)

Prospera Financial Services Inc acquired a new stake in Magellan Midstream Partners, L.P. (NYSE:MMP) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 26,089 shares of the pipeline company’s stock, valued at approximately $1,492,000.

Other large investors also recently added to or reduced their stakes in the company. Comerica Securities Inc. increased its position in shares of Magellan Midstream Partners by 72.3% during the 4th quarter. Comerica Securities Inc. now owns 5,127 shares of the pipeline company’s stock valued at $293,000 after purchasing an additional 2,152 shares during the last quarter. Cetera Advisor Networks LLC increased its position in shares of Magellan Midstream Partners by 35.6% during the 1st quarter. Cetera Advisor Networks LLC now owns 7,336 shares of the pipeline company’s stock valued at $445,000 after purchasing an additional 1,927 shares during the last quarter. Semmax Financial Advisors Inc. increased its position in shares of Magellan Midstream Partners by 115.6% during the 1st quarter. Semmax Financial Advisors Inc. now owns 10,195 shares of the pipeline company’s stock valued at $618,000 after purchasing an additional 5,466 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Magellan Midstream Partners by 19.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 193,000 shares of the pipeline company’s stock valued at $11,702,000 after purchasing an additional 32,000 shares during the last quarter. Finally, Edgemoor Investment Advisors Inc. increased its position in shares of Magellan Midstream Partners by 12.3% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 66,690 shares of the pipeline company’s stock valued at $4,043,000 after purchasing an additional 7,290 shares during the last quarter. 66.00% of the stock is currently owned by institutional investors.

In other news, insider Jeff R. Selvidge sold 7,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the transaction, the insider now owns 17,897 shares of the company’s stock, valued at approximately $1,188,002.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Chansoo Joung purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were purchased at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $336,400. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by corporate insiders.



Magellan Midstream Partners stock traded up $0.81 during mid-day trading on Monday, hitting $66.28. The company’s stock had a trading volume of 143,655 shares, compared to its average volume of 637,672. Magellan Midstream Partners, L.P. has a one year low of $54.25 and a one year high of $69.44. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. The company has a 50 day moving average of $65.87 and a 200-day moving average of $63.17. The stock has a market cap of $15.05 billion, a PE ratio of 15.60, a P/E/G ratio of 2.50 and a beta of 0.72.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share (EPS) for the quarter, topping 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 business 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 EPS. The business’s revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts forecast that Magellan Midstream Partners, L.P. will post 4.37 EPS for the current fiscal year.

Several equities analysts have commented on MMP shares. Raymond James upped 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. Bank of America upped 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. Credit Suisse Group upped 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. Johnson Rice started coverage on Magellan Midstream Partners in a research report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price objective on the stock. Finally, ValuEngine downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners presently has an average rating of “Hold” and an average 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.

Further Reading: Cost of Capital

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

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