Gilman Hill Asset Management LLC increased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 0.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,246 shares of the pipeline company’s stock after purchasing an additional 303 shares during the period. Gilman Hill Asset Management LLC’s holdings in Magellan Midstream Partners were worth $2,813,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Insight Folios Inc boosted its stake in shares of Magellan Midstream Partners by 6.2% during the 3rd quarter. Insight Folios Inc now owns 71,646 shares of the pipeline company’s stock worth $2,450,000 after purchasing an additional 4,211 shares during the period. Red Door Wealth Management LLC boosted its stake in shares of Magellan Midstream Partners by 4.9% during the 3rd quarter. Red Door Wealth Management LLC now owns 12,201 shares of the pipeline company’s stock worth $421,000 after purchasing an additional 568 shares during the period. Nachman Norwood & Parrott Inc purchased a new position in shares of Magellan Midstream Partners during the 3rd quarter worth about $70,000. Avantax Advisory Services Inc. boosted its stake in shares of Magellan Midstream Partners by 205.3% during the 3rd quarter. Avantax Advisory Services Inc. now owns 20,867 shares of the pipeline company’s stock worth $714,000 after purchasing an additional 14,032 shares during the period. Finally, Cornell Pochily Investment Advisors Inc. boosted its stake in shares of Magellan Midstream Partners by 7.1% during the 3rd quarter. Cornell Pochily Investment Advisors Inc. now owns 8,436 shares of the pipeline company’s stock worth $289,000 after purchasing an additional 557 shares during the period. 61.73% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently weighed in on MMP. ValuEngine lowered shares of Magellan Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Thursday, October 1st. Citigroup decreased their price objective on shares of Magellan Midstream Partners from $66.00 to $46.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Raymond James lifted their price objective on shares of Magellan Midstream Partners from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on shares of Magellan Midstream Partners from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Finally, Barclays reiterated a “buy” rating and set a $48.00 price objective on shares of Magellan Midstream Partners in a report on Friday, July 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $50.37.

NYSE MMP opened at $36.72 on Friday. The company has a quick ratio of 0.39, a current ratio of 0.61 and a debt-to-equity ratio of 1.95. The firm has a market cap of $8.26 billion, a PE ratio of 8.56 and a beta of 1.00. The company has a 50 day moving average price of $36.54 and a 200 day moving average price of $40.38. Magellan Midstream Partners, L.P. has a 52 week low of $22.02 and a 52 week high of $65.63.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.15). The firm had revenue of $460.40 million for the quarter, compared to the consensus estimate of $576.07 million. Magellan Midstream Partners had a return on equity of 38.93% and a net margin of 37.15%. The company’s revenue was down 34.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.11 EPS. On average, equities research analysts anticipate that Magellan Midstream Partners, L.P. will post 3.81 earnings per share for the current fiscal year.

Magellan Midstream Partners Company Profile

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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