Infrastructure Capital Advisors LLC Has $19.67 Million Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Infrastructure Capital Advisors LLC cut its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 402,255 shares of the pipeline company’s stock after selling 22,099 shares during the quarter. Magellan Midstream Partners makes up 3.6% of Infrastructure Capital Advisors LLC’s holdings, making the stock its 12th biggest holding. Infrastructure Capital Advisors LLC’s holdings in Magellan Midstream Partners were worth $19,674,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. raised its position in Magellan Midstream Partners by 4,532.2% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 8,172,822 shares of the pipeline company’s stock valued at $354,374,000 after purchasing an additional 7,996,388 shares during the last quarter. Morgan Stanley raised its position in Magellan Midstream Partners by 31.8% in the first quarter. Morgan Stanley now owns 5,985,353 shares of the pipeline company’s stock valued at $259,524,000 after purchasing an additional 1,442,586 shares during the last quarter. Credit Suisse AG raised its position in Magellan Midstream Partners by 427.8% in the first quarter. Credit Suisse AG now owns 771,046 shares of the pipeline company’s stock valued at $33,432,000 after purchasing an additional 624,956 shares during the last quarter. Nuveen Asset Management LLC raised its position in Magellan Midstream Partners by 3,941.8% in the first quarter. Nuveen Asset Management LLC now owns 362,994 shares of the pipeline company’s stock valued at $15,739,000 after purchasing an additional 354,013 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Magellan Midstream Partners by 15.5% in the second quarter. Deutsche Bank AG now owns 2,323,638 shares of the pipeline company’s stock valued at $113,649,000 after purchasing an additional 312,579 shares during the last quarter. 59.41% of the stock is currently owned by institutional investors and hedge funds.

Magellan Midstream Partners stock traded up $0.13 during mid-day trading on Thursday, reaching $47.75. The stock had a trading volume of 27,656 shares, compared to its average volume of 1,329,956. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.25 and a current ratio of 1.59. Magellan Midstream Partners, L.P. has a fifty-two week low of $33.95 and a fifty-two week high of $53.85. The stock’s 50-day simple moving average is $47.51 and its 200-day simple moving average is $47.83. The firm has a market capitalization of $10.58 billion, a PE ratio of 11.88 and a beta of 1.13.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, July 29th. The pipeline company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.24. Magellan Midstream Partners had a return on equity of 42.25% and a net margin of 35.90%. The firm had revenue of $653.64 million during the quarter, compared to analysts’ expectations of $561.73 million. On average, research analysts forecast that Magellan Midstream Partners, L.P. will post 4.09 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, August 6th were paid a $1.0275 dividend. The ex-dividend date of this dividend was Thursday, August 5th. This represents a $4.11 dividend on an annualized basis and a yield of 8.61%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 107.03%.

MMP has been the subject of a number of analyst reports. Morgan Stanley raised their price objective on Magellan Midstream Partners from $53.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Friday, June 18th. Bank of America initiated coverage on Magellan Midstream Partners in a research report on Tuesday, September 28th. They set an “underperform” rating for the company. Citigroup lowered their price objective on Magellan Midstream Partners from $56.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, September 20th. Mizuho raised their price objective on Magellan Midstream Partners from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, July 30th. Finally, Wells Fargo & Company raised their price objective on Magellan Midstream Partners from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 24th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $48.73.

Magellan Midstream Partners Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. 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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