November 10, 2019 at 4:27 pm

Parkside Financial Bank & Trust Sells 5,011 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

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Parkside Financial Bank & Trust reduced its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 18.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,901 shares of the pipeline company’s stock after selling 5,011 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Magellan Midstream Partners were worth $1,517,000 as of its most recent SEC filing.

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Several other institutional investors have also recently added to or reduced their stakes in the business. Invesco Ltd. grew its stake in shares of Magellan Midstream Partners by 14,258.5% during the 2nd quarter. Invesco Ltd. now owns 10,162,949 shares of the pipeline company’s stock valued at $650,428,000 after purchasing an additional 10,092,169 shares during the period. Janus Henderson Group PLC grew its stake 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 valued at $365,237,000 after purchasing an additional 4,096,277 shares during the period. UBS Group AG grew its stake in shares of Magellan Midstream Partners by 5.3% during the 2nd quarter. UBS Group AG now owns 5,670,200 shares of the pipeline company’s stock valued at $362,892,000 after acquiring an additional 283,790 shares during the period. Energy Income Partners LLC grew its stake in shares of Magellan Midstream Partners by 3.0% during the 2nd quarter. Energy Income Partners LLC now owns 5,634,627 shares of the pipeline company’s stock valued at $360,616,000 after acquiring an additional 163,911 shares during the period. Finally, Kayne Anderson Capital Advisors LP grew its stake in shares of Magellan Midstream Partners by 5.1% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 5,231,749 shares of the pipeline company’s stock valued at $346,699,000 after acquiring an additional 254,700 shares during the period. Institutional investors and hedge funds own 66.17% of the company’s stock.

In other Magellan Midstream Partners news, Director Chansoo Joung purchased 5,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was acquired at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $336,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the insider now owns 17,897 shares of the company’s stock, valued at $1,188,002.86. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Shares of NYSE:MMP traded up $1.07 during mid-day trading on Friday, reaching $60.62. 1,148,894 shares of the company traded hands, compared to its average volume of 867,353. The company’s 50 day moving average price is $64.75 and its 200-day moving average price is $64.21. The firm has a market cap of $13.60 billion, a PE ratio of 14.26, a PEG ratio of 2.31 and a beta of 0.71. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.83 and a quick ratio of 0.53. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $67.75.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, October 31st. The pipeline company reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.10. Magellan Midstream Partners had a return on equity of 38.78% and a net margin of 36.75%. The business had revenue of $656.60 million during the quarter, compared to the consensus estimate of $673.05 million. During the same period in the prior year, the company posted $1.10 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, research analysts predict that Magellan Midstream Partners, L.P. will post 4.49 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be paid a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 6.73%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.01. The ex-dividend date is Wednesday, November 6th. Magellan Midstream Partners’s dividend payout ratio is presently 96.00%.

MMP has been the subject of a number of recent research reports. Stifel Nicolaus set a $70.00 price objective on Magellan Midstream Partners and gave the company a “hold” rating in a research note on Friday, November 1st. ValuEngine downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Credit Suisse Group boosted their price objective on Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Raymond James boosted their price objective on Magellan Midstream Partners from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Bank of America downgraded Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a research note on Monday, November 4th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $68.27.

About Magellan Midstream Partners

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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