Sumitomo Mitsui Trust Holdings Inc. Raises Stock Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Sumitomo Mitsui Trust Holdings Inc. raised its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 7.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 203,000 shares of the pipeline company’s stock after buying an additional 14,000 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.09% of Magellan Midstream Partners worth $13,453,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Manchester Financial Inc. acquired a new stake in shares of Magellan Midstream Partners in the second quarter valued at approximately $25,000. B & T Capital Management DBA Alpha Capital Management acquired a new stake in shares of Magellan Midstream Partners in the third quarter valued at approximately $30,000. Venturi Wealth Management LLC acquired a new stake in shares of Magellan Midstream Partners in the third quarter valued at approximately $34,000. Mechanics Bank Trust Department acquired a new stake in shares of Magellan Midstream Partners in the third quarter valued at approximately $40,000. Finally, Weaver Consulting Group acquired a new stake in shares of Magellan Midstream Partners in the second quarter valued at approximately $41,000. 66.17% of the stock is owned by institutional investors.

Several analysts have recently commented on the stock. Stifel Nicolaus set a $70.00 price target on shares of Magellan Midstream Partners and gave the company a “hold” rating in a research report on Friday, November 1st. ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Bank of America lowered shares of Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a research report on Monday, November 4th. Raymond James raised their target price on shares of Magellan Midstream Partners from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Credit Suisse Group raised their target price on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $68.27.

In related news, Director Chansoo Joung purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $67.28 per share, for a total transaction of $336,400.00. Following the acquisition, the director now directly owns 5,000 shares in the company, valued at $336,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeff R. Selvidge sold 7,000 shares of Magellan Midstream Partners stock in a transaction on Friday, August 16th. The shares were 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 disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.

NYSE MMP traded down $0.16 during mid-day trading on Monday, reaching $60.46. 627,245 shares of the stock were exchanged, compared to its average volume of 866,200. Magellan Midstream Partners, L.P. has a 1-year low of $54.25 and a 1-year high of $67.75. The business’s fifty day simple moving average is $64.75 and its 200 day simple moving average is $64.21. The stock has a market capitalization of $13.85 billion, a PE ratio of 14.23, a PEG ratio of 2.31 and a beta of 0.71. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.53 and a current ratio of 0.83.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, October 31st. The pipeline company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.10. Magellan Midstream Partners had a net margin of 36.75% and a return on equity of 38.78%. The firm had revenue of $656.60 million for the quarter, compared to analyst estimates of $673.05 million. During the same quarter last year, the business earned $1.10 earnings per share. Magellan Midstream Partners’s revenue was up 2.9% compared to the same quarter last year. On average, analysts anticipate that Magellan Midstream Partners, L.P. will post 4.49 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be issued a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date of this dividend is Wednesday, November 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.01. Magellan Midstream Partners’s dividend payout ratio (DPR) is 96.00%.

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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