Coastline Trust Co Has $1.27 Million Stock Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Coastline Trust Co lowered its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 12.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,205 shares of the pipeline company’s stock after selling 2,685 shares during the quarter. Coastline Trust Co’s holdings in Magellan Midstream Partners were worth $1,273,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mechanics Bank Trust Department bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $40,000. Country Club Trust Company n.a. lifted its position in shares of Magellan Midstream Partners by 10.6% in the 3rd quarter. Country Club Trust Company n.a. now owns 3,510 shares of the pipeline company’s stock worth $233,000 after acquiring an additional 336 shares during the period. Garrett Wealth Advisory Group LLC bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $63,000. Clear Street Markets LLC bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $669,000. Finally, Coastal Investment Advisors Inc. bought a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $54,000. 66.28% of the stock is currently owned by hedge funds and other institutional investors.

Magellan Midstream Partners stock opened at $65.04 on Monday. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.66 and a quick ratio of 0.38. The company has a market capitalization of $14.84 billion, a PE ratio of 15.30, a price-to-earnings-growth ratio of 2.48 and a beta of 0.72. Magellan Midstream Partners, L.P. has a one year low of $54.25 and a one year high of $67.75. The business has a 50 day simple moving average of $65.91 and a 200 day simple moving average of $64.11.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.13. The business had revenue of $701.70 million during the quarter, compared to the consensus estimate of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. Magellan Midstream Partners’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company earned $0.94 EPS. Equities analysts anticipate that Magellan Midstream Partners, L.P. will post 4.37 earnings per share for the current fiscal year.

In related news, insider Jeff R. Selvidge sold 7,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 17,897 shares in the company, 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 bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average price of $67.28 per share, with a total value of $336,400.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $336,400. The disclosure for this purchase can be found here. 0.26% of the stock is owned by company insiders.

A number of analysts have commented on the company. Raymond James raised their price objective on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Bank of America raised their price objective on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Credit Suisse Group raised their price objective on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Finally, Stifel Nicolaus raised their price objective on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus price target of $68.46.

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

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