Searle & CO. raised its holdings in Magellan Midstream Partners L.P. (NYSE:MMP) by 9.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,130 shares of the pipeline company’s stock after purchasing an additional 2,000 shares during the quarter. Searle & CO.’s holdings in Magellan Midstream Partners L.P. were worth $1,715,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. NEXT Financial Group Inc increased its stake in shares of Magellan Midstream Partners L.P. by 7.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock valued at $129,000 after buying an additional 126 shares during the period. Independent Portfolio Consultants Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 4.6% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after buying an additional 87 shares during the period. Pathstone Family Office LLC acquired a new stake in shares of Magellan Midstream Partners L.P. in the 2nd quarter valued at $148,000. Acrospire Investment Management LLC increased its stake in shares of Magellan Midstream Partners L.P. by 340.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock valued at $157,000 after buying an additional 1,700 shares during the period. Finally, Glenview State Bank Trust DEPT. acquired a new stake in shares of Magellan Midstream Partners L.P. in the 3rd quarter valued at $223,000. Hedge funds and other institutional investors own 61.10% of the company’s stock.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the completion of the sale, the insider now directly owns 19,653 shares in the company, valued at approximately $1,388,287.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. (NYSE:MMP) traded down 0.01% on Tuesday, reaching $68.76. The company’s stock had a trading volume of 222,578 shares. The firm’s 50-day moving average price is $69.86 and its 200-day moving average price is $70.57. Magellan Midstream Partners L.P. has a 52-week low of $63.92 and a 52-week high of $81.77. The stock has a market cap of $15.68 billion, a price-to-earnings ratio of 18.64 and a beta of 0.79.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.03. The business had revenue of $619.40 million during the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period last year, the company earned $0.82 EPS. On average, equities analysts expect that Magellan Midstream Partners L.P. will post $3.89 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Thursday, November 2nd will be issued a dividend of $0.905 per share. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date is Wednesday, November 1st. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is presently 96.74%.

Several equities research analysts have recently commented on MMP shares. BidaskClub raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Mizuho cut Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $74.00 to $72.00 in a research note on Monday, July 10th. Zacks Investment Research cut Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Tuesday, July 18th. Finally, Barclays PLC cut Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $88.00 to $77.00 in a research note on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. Magellan Midstream Partners L.P. currently has a consensus rating of “Hold” and a consensus target price of $79.04.

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Magellan Midstream Partners L.P. Profile

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

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