United Capital Financial Advisers LLC Sells 11,623 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

United Capital Financial Advisers LLC cut its holdings in Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 8.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 133,847 shares of the pipeline company’s stock after selling 11,623 shares during the period. United Capital Financial Advisers LLC owned 0.06% of Magellan Midstream Partners worth $6,393,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Sargent Bickham Lagudis LLC bought a new position in Magellan Midstream Partners during the second quarter valued at about $28,000. MCF Advisors LLC bought a new position in Magellan Midstream Partners during the first quarter valued at about $34,000. Castle Wealth Management LLC bought a new position in Magellan Midstream Partners during the second quarter valued at about $36,000. Tcwp LLC bought a new position in Magellan Midstream Partners during the first quarter valued at about $43,000. Finally, Trust Co. of Vermont bought a new position in Magellan Midstream Partners during the second quarter valued at about $56,000. 52.37% of the stock is currently owned by institutional investors.

Insider Transactions at Magellan Midstream Partners

In other news, Director James R. Montague sold 2,892 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $53.43, for a total value of $154,519.56. Following the transaction, the director now directly owns 25,095 shares of the company’s stock, valued at approximately $1,340,825.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is owned by company insiders.

Magellan Midstream Partners Stock Down 1.8 %

Shares of MMP opened at $52.03 on Thursday. The company has a market capitalization of $10.66 billion, a P/E ratio of 10.04, a PEG ratio of 1.84 and a beta of 0.95. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.00 and a quick ratio of 0.51. Magellan Midstream Partners, L.P. has a one year low of $43.58 and a one year high of $54.40. The business’s 50 day simple moving average is $50.38 and its 200-day simple moving average is $50.24.

Magellan Midstream Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, November 7th were issued a $1.0475 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.04. This represents a $4.19 annualized dividend and a dividend yield of 8.05%. The ex-dividend date was Friday, November 4th. Magellan Midstream Partners’s payout ratio is presently 80.89%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMP. Wolfe Research lowered Magellan Midstream Partners from a “peer perform” rating to an “underperform” rating and set a $49.00 price target on the stock. in a research note on Wednesday, November 16th. Barclays boosted their price target on Magellan Midstream Partners from $49.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 31st. Mizuho lifted their price objective on Magellan Midstream Partners from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, October 28th. StockNews.com began coverage on Magellan Midstream Partners in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Raymond James lifted their price objective on Magellan Midstream Partners from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, October 28th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Magellan Midstream Partners has an average rating of “Hold” and a consensus target price of $54.55.

Magellan Midstream Partners Profile

(Get Rating)

Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.

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Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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