Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 27.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 262,003 shares of the pipeline company’s stock after selling 101,585 shares during the period. PNC Financial Services Group Inc.’s holdings in Magellan Midstream Partners were worth $9,561,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Macquarie Group Ltd. increased its stake in Magellan Midstream Partners by 334.5% during the fourth quarter. Macquarie Group Ltd. now owns 318,859 shares of the pipeline company’s stock worth $20,047,000 after acquiring an additional 245,467 shares during the last quarter. California Public Employees Retirement System increased its stake in Magellan Midstream Partners by 0.6% during the fourth quarter. California Public Employees Retirement System now owns 546,401 shares of the pipeline company’s stock worth $34,352,000 after acquiring an additional 3,207 shares during the last quarter. Bessemer Group Inc. increased its stake in Magellan Midstream Partners by 1,019.5% during the first quarter. Bessemer Group Inc. now owns 199,245 shares of the pipeline company’s stock worth $7,271,000 after acquiring an additional 181,447 shares during the last quarter. Sigma Planning Corp increased its stake in Magellan Midstream Partners by 50.3% during the fourth quarter. Sigma Planning Corp now owns 18,411 shares of the pipeline company’s stock worth $1,158,000 after acquiring an additional 6,163 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Magellan Midstream Partners by 8.0% during the first quarter. Janney Montgomery Scott LLC now owns 101,172 shares of the pipeline company’s stock worth $3,692,000 after acquiring an additional 7,511 shares during the last quarter. Institutional investors own 64.93% of the company’s stock.

In other Magellan Midstream Partners news, Director Chansoo Joung bought 13,370 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were purchased at an average cost of $42.11 per share, for a total transaction of $563,010.70. Following the transaction, the director now directly owns 20,280 shares in the company, valued at $853,990.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by company insiders.

Shares of NYSE MMP opened at $44.36 on Friday. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 9.22 and a beta of 1.04. Magellan Midstream Partners, L.P. has a 12-month low of $22.02 and a 12-month high of $67.75. The company has a current ratio of 0.37, a quick ratio of 0.31 and a debt-to-equity ratio of 1.69. The stock’s 50 day simple moving average is $40.20 and its 200 day simple moving average is $52.82.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Friday, May 1st. The pipeline company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.25. The business had revenue of $782.80 million for the quarter, compared to the consensus estimate of $676.67 million. Magellan Midstream Partners had a return on equity of 43.14% and a net margin of 38.20%. The business’s revenue was up 24.5% on a year-over-year basis. During the same quarter last year, the business posted $1.06 EPS. As a group, equities analysts forecast that Magellan Midstream Partners, L.P. will post 3.8 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $1.028 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $4.11 annualized dividend and a dividend yield of 9.27%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 86.34%.

Several equities research analysts have commented on the company. Evercore ISI restated a “buy” rating and set a $67.00 price target on shares of Magellan Midstream Partners in a research note on Tuesday, February 18th. Goldman Sachs Group lowered their target price on Magellan Midstream Partners from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, March 27th. Stifel Nicolaus lowered their target price on Magellan Midstream Partners from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, May 4th. Credit Suisse Group increased their target price on Magellan Midstream Partners from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, Morgan Stanley upgraded Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating in a research note on Monday, March 16th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $55.00.

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.

See Also: Call Option

Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP).

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

Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.