BB&T Investment Services Inc. lessened its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 54.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,531 shares of the pipeline company’s stock after selling 3,009 shares during the quarter. BB&T Investment Services Inc.’s holdings in Magellan Midstream Partners were worth $180,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Brown Advisory Inc. raised its holdings in shares of Magellan Midstream Partners by 4.1% during the third quarter. Brown Advisory Inc. now owns 289,444 shares of the pipeline company’s stock valued at $20,568,000 after acquiring an additional 11,346 shares in the last quarter. BB&T Securities LLC raised its holdings in shares of Magellan Midstream Partners by 2.7% during the third quarter. BB&T Securities LLC now owns 106,485 shares of the pipeline company’s stock valued at $7,566,000 after acquiring an additional 2,773 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Magellan Midstream Partners by 1.1% during the third quarter. Wells Fargo & Company MN now owns 819,613 shares of the pipeline company’s stock valued at $58,240,000 after acquiring an additional 8,717 shares in the last quarter. Cadence Capital Management LLC bought a new position in shares of Magellan Midstream Partners during the third quarter valued at approximately $16,536,000. Finally, Evergreen Capital Management LLC raised its holdings in shares of Magellan Midstream Partners by 134.9% during the third quarter. Evergreen Capital Management LLC now owns 38,260 shares of the pipeline company’s stock valued at $2,719,000 after acquiring an additional 21,975 shares in the last quarter. 62.48% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Jeff R. Selvidge sold 5,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the sale, the insider now directly owns 19,653 shares of the company’s stock, valued at $1,388,287.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.24% of the company’s stock.

MMP has been the subject of a number of recent analyst reports. BidaskClub downgraded Magellan Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Thursday, August 17th. Mizuho reiterated a “sell” rating and issued a $72.00 price objective on shares of Magellan Midstream Partners in a report on Friday, October 20th. Jefferies Group reiterated a “hold” rating and issued a $70.00 price objective (down previously from $73.00) on shares of Magellan Midstream Partners in a report on Sunday, September 3rd. Finally, Citigroup upgraded Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Thursday, September 21st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $79.04.

Magellan Midstream Partners, L.P. (NYSE:MMP) traded down $0.71 on Wednesday, reaching $67.02. The company’s stock had a trading volume of 688,100 shares, compared to its average volume of 705,524. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50. The company has a market capitalization of $15,444.11, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 2.30 and a beta of 0.77. Magellan Midstream Partners, L.P. has a twelve month low of $63.55 and a twelve month high of $81.77.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. Magellan Midstream Partners had a return on equity of 40.99% and a net margin of 34.50%. The firm had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. During the same period in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was down 3.7% on a year-over-year basis. sell-side analysts predict that Magellan Midstream Partners, L.P. will post 3.88 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Thursday, November 2nd were paid a $0.905 dividend. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date of this dividend was Wednesday, November 1st. Magellan Midstream Partners’s dividend payout ratio is currently 97.84%.

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Magellan Midstream Partners Profile

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

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