ERTS Wealth Advisors LLC raised its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 7.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,681 shares of the pipeline company’s stock after buying an additional 955 shares during the quarter. Magellan Midstream Partners comprises 0.5% of ERTS Wealth Advisors LLC’s portfolio, making the stock its 26th biggest position. ERTS Wealth Advisors LLC’s holdings in Magellan Midstream Partners were worth $940,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of MMP. Janus Henderson Group PLC grew its position in shares of Magellan Midstream Partners by 254.3% during the 2nd quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock worth $365,237,000 after buying an additional 4,096,277 shares during the period. Commonwealth Bank of Australia bought a new position in shares of Magellan Midstream Partners during the 1st quarter valued at about $97,092,000. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Magellan Midstream Partners by 28.7% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock valued at $318,524,000 after purchasing an additional 1,108,800 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Magellan Midstream Partners by 47.4% during the 2nd quarter. Bank of Montreal Can now owns 1,300,273 shares of the pipeline company’s stock valued at $83,216,000 after purchasing an additional 418,408 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its holdings in shares of Magellan Midstream Partners by 4,035.2% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 225,738 shares of the pipeline company’s stock valued at $357,000 after purchasing an additional 220,279 shares in the last quarter. Institutional investors own 69.90% of the company’s stock.

Shares of MMP traded down $0.19 during mid-day trading on Friday, hitting $65.42. The stock had a trading volume of 13,731 shares, compared to its average volume of 663,699. The firm has a market cap of $15.02 billion, a P/E ratio of 15.41, a PEG ratio of 2.49 and a beta of 0.72. The business has a fifty day moving average price of $65.89 and a 200-day moving average price of $63.13. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.66 and a quick ratio of 0.38. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $69.44.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.13. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The company had revenue of $701.70 million during the quarter, compared to analysts’ expectations of $658.67 million. During the same period in the previous year, the business earned $0.94 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts expect that Magellan Midstream Partners, L.P. will post 4.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were given a dividend of $1.013 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $4.05 dividend on an annualized basis and a yield of 6.19%. Magellan Midstream Partners’s dividend payout ratio is presently 95.29%.

Several research firms have recently weighed in on MMP. Johnson Rice began coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price objective on the stock. Raymond James boosted their target price on Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Bank of America upped their price objective on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Credit Suisse Group boosted their target price on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus price target of $69.00.

In other news, Director Chansoo Joung bought 5,000 shares of Magellan Midstream Partners stock in a transaction on Tuesday, August 20th. The shares were purchased at an average price of $67.28 per share, for a total transaction of $336,400.00. Following the acquisition, the director now owns 5,000 shares of the company’s stock, valued at $336,400. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeff R. Selvidge sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the transaction, the insider now owns 17,897 shares in the company, valued at approximately $1,188,002.86. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Magellan Midstream Partners 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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