ProVise Management Group LLC trimmed its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 11.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 33,862 shares of the pipeline company’s stock after selling 4,274 shares during the quarter. ProVise Management Group LLC’s holdings in Magellan Midstream Partners were worth $2,402,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of MMP. Welch Group LLC acquired a new stake in shares of Magellan Midstream Partners during the fourth quarter worth $135,000. Glenview State Bank Trust DEPT. acquired a new stake in shares of Magellan Midstream Partners during the third quarter worth $223,000. Personal Capital Advisors Corp acquired a new stake in shares of Magellan Midstream Partners during the fourth quarter worth $228,000. Aries Wealth Management acquired a new stake in shares of Magellan Midstream Partners during the fourth quarter worth $239,000. Finally, Stuart Chaussee & Associates Inc. acquired a new stake in shares of Magellan Midstream Partners in the 4th quarter worth about $266,000. 61.80% of the stock is currently owned by institutional investors.

MMP has been the topic of a number of analyst reports. Mizuho reaffirmed a “sell” rating and issued a $72.00 price objective on shares of Magellan Midstream Partners in a report on Friday, October 20th. BMO Capital Markets initiated coverage on shares of Magellan Midstream Partners in a report on Monday, December 11th. They issued a “buy” rating and a $80.00 price objective on the stock. Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a report on Thursday, January 4th. They issued an “underperform” rating on the stock. Bank of America initiated coverage on shares of Magellan Midstream Partners in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners in a report on Tuesday, January 16th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $77.36.

Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) opened at $67.70 on Tuesday. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.50 and a quick ratio of 0.29. Magellan Midstream Partners, L.P. has a twelve month low of $63.55 and a twelve month high of $81.77. The firm has a market cap of $15,113.47, a PE ratio of 17.40, a P/E/G ratio of 2.68 and a beta of 0.61.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.08). The company had revenue of $673.30 million during the quarter, compared to the consensus estimate of $690.18 million. Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 EPS. analysts expect that Magellan Midstream Partners, L.P. will post 3.99 earnings per share for the current year.

The business also recently announced a dividend, which will be paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th will be given a $0.92 dividend. This represents a yield of 0.0125170068027211%. The ex-dividend date of this dividend is Monday, February 5th. This is a positive change from Magellan Midstream Partners’s previous dividend of $0.84. Magellan Midstream Partners’s dividend payout ratio is currently 96.59%.

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About Magellan Midstream Partners

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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

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