Magellan Midstream Partners L.P. (MMP) Shares Sold by Boston Financial Mangement LLC

Boston Financial Mangement LLC lowered its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 23.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 28,395 shares of the pipeline company’s stock after selling 8,913 shares during the period. Boston Financial Mangement LLC’s holdings in Magellan Midstream Partners L.P. were worth $2,024,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. OppenheimerFunds Inc. boosted its stake in shares of Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock worth $1,003,066,000 after buying an additional 2,345,950 shares in the last quarter. Bank of Montreal Can boosted its position in Magellan Midstream Partners L.P. by 34.7% in the second quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock valued at $141,505,000 after buying an additional 511,367 shares in the last quarter. UBS Group AG boosted its position in Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after buying an additional 453,671 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after buying an additional 277,575 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Magellan Midstream Partners L.P. during the first quarter valued at $16,889,000. 62.46% of the stock is owned by institutional investors.

Magellan Midstream Partners L.P. (MMP) opened at 64.84 on Friday. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77. The firm’s 50-day moving average price is $69.29 and its 200-day moving average price is $73.87. The company has a market cap of $14.79 billion, a PE ratio of 17.58 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.03. The company had revenue of $619.40 million during the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The firm’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share. Equities research analysts forecast that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 5.49%. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date was Thursday, July 27th. Magellan Midstream Partners L.P.’s payout ratio is 96.74%.

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Several equities analysts recently weighed in on the company. Macquarie assumed coverage on Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They issued a “neutral” rating and a $80.00 price objective on the stock. Credit Suisse Group upgraded Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $80.00 to $84.00 in a research note on Thursday, May 4th. Stifel Nicolaus reiterated a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $88.00 to $77.00 in a research note on Tuesday, July 18th. Finally, UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and an average price target of $79.77.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total transaction of $600,000.00. Following the transaction, the insider now owns 27,599 shares of the company’s stock, valued at $2,069,925. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is owned by insiders.

About Magellan Midstream Partners L.P.

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

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