Icon Wealth Partners LLC Sells 1,835 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Icon Wealth Partners LLC decreased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,501 shares of the pipeline company’s stock after selling 1,835 shares during the quarter. Magellan Midstream Partners accounts for 1.6% of Icon Wealth Partners LLC’s portfolio, making the stock its 12th biggest holding. Icon Wealth Partners LLC’s holdings in Magellan Midstream Partners were worth $4,805,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Manchester Financial Inc. bought a new stake in Magellan Midstream Partners in the 2nd quarter worth approximately $25,000. Mechanics Bank Trust Department purchased a new position in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $40,000. Weaver Consulting Group purchased a new position in shares of Magellan Midstream Partners in the 2nd quarter worth approximately $41,000. AGF Investments LLC boosted its holdings in shares of Magellan Midstream Partners by 30.6% in the 2nd quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock worth $50,000 after purchasing an additional 182 shares during the period. Finally, Coastal Investment Advisors Inc. purchased a new position in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $54,000. 66.28% of the stock is currently owned by institutional investors and hedge funds.

In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 7,000 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the completion of the sale, the insider now directly owns 17,897 shares in the company, valued at approximately $1,188,002.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Chansoo Joung bought 5,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was purchased at an average price of $67.28 per share, with a total value of $336,400.00. Following the completion of the acquisition, 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.

MMP has been the subject of a number of recent research reports. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their target price on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Bank of America lifted their target price on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Credit Suisse Group lifted their target price on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Finally, Raymond James lifted their target price on Magellan Midstream Partners from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday. One 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’s stock. Magellan Midstream Partners currently has a consensus rating of “Hold” and an average price target of $68.54.

MMP traded down $0.08 during trading hours on Thursday, reaching $63.18. 215,265 shares of the company’s stock traded hands, compared to its average volume of 667,264. The firm has a 50-day moving average price of $65.74 and a 200 day moving average price of $64.19. Magellan Midstream Partners, L.P. has a 52-week low of $54.25 and a 52-week high of $67.75. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $14.67 billion, a PE ratio of 14.87, a PEG ratio of 2.45 and a beta of 0.72.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $658.67 million. During the same quarter in the previous year, the business earned $0.94 EPS. Magellan Midstream Partners’s revenue was up 8.9% compared to the same quarter last year. Equities analysts predict that Magellan Midstream Partners, L.P. will post 4.37 EPS for the current fiscal year.

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

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