Magellan Midstream Partners, L.P. (MMP) Shares Sold by Macquarie Group Ltd.
Macquarie Group Ltd. reduced its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 20.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,392 shares of the pipeline company’s stock after selling 66,900 shares during the period. Macquarie Group Ltd. owned about 0.11% of Magellan Midstream Partners worth $17,919,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Magellan Midstream Partners during the second quarter worth about $19,419,000. Sei Investments Co. boosted its position in Magellan Midstream Partners by 212.1% during the second quarter. Sei Investments Co. now owns 151,665 shares of the pipeline company’s stock valued at $10,477,000 after purchasing an additional 103,070 shares during the last quarter. Aperio Group LLC boosted its position in Magellan Midstream Partners by 92.2% during the second quarter. Aperio Group LLC now owns 14,016 shares of the pipeline company’s stock valued at $968,000 after purchasing an additional 6,725 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Magellan Midstream Partners during the second quarter valued at approximately $106,000. Finally, Stephens Inc. AR boosted its position in Magellan Midstream Partners by 1.6% during the second quarter. Stephens Inc. AR now owns 88,628 shares of the pipeline company’s stock valued at $6,122,000 after purchasing an additional 1,365 shares during the last quarter. 63.78% of the stock is owned by institutional investors.
Several research analysts recently commented on MMP shares. Stifel Nicolaus increased their price target on Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a research report on Friday, August 3rd. Zacks Investment Research raised Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Monday, July 16th. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. BMO Capital Markets reissued a “buy” rating and set a $85.00 price target on shares of Magellan Midstream Partners in a research report on Friday, July 13th. Finally, Barclays increased their price target on Magellan Midstream Partners from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 11th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $74.64.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. The firm had revenue of $644.10 million for the quarter, compared to analyst estimates of $662.37 million. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. Equities research analysts expect that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current year.
In other news, SVP Jeff R. Selvidge sold 5,500 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total transaction of $377,850.00. Following the transaction, the senior vice president now owns 20,380 shares in the company, valued at $1,400,106. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.84, for a total value of $2,065,200.00. Following the transaction, the chief executive officer now owns 169,295 shares in the company, valued at approximately $11,654,267.80. The disclosure for this sale can be found here. Insiders sold 40,500 shares of company stock worth $2,786,500 in the last 90 days. Corporate insiders own 0.26% of the company’s stock.
Magellan Midstream Partners Company Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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