Forsta AP Fonden Increases Position in Magellan Midstream Partners L.P. (MMP)

Forsta AP Fonden boosted its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 420.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 179,400 shares of the pipeline company’s stock after buying an additional 144,900 shares during the period. Forsta AP Fonden owned approximately 0.08% of Magellan Midstream Partners L.P. worth $12,786,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. FMR LLC increased its position in shares of Magellan Midstream Partners L.P. by 2.0% in the fourth quarter. FMR LLC now owns 120,936 shares of the pipeline company’s stock valued at $9,146,000 after buying an additional 2,400 shares during the period. Ibex Wealth Advisors purchased a new position in shares of Magellan Midstream Partners L.P. during the fourth quarter valued at approximately $2,555,000. Perigon Wealth Management LLC increased its position in shares of Magellan Midstream Partners L.P. by 187.9% in the fourth quarter. Perigon Wealth Management LLC now owns 7,814 shares of the pipeline company’s stock valued at $608,000 after buying an additional 5,100 shares during the period. Whalerock Point Partners LLC increased its position in shares of Magellan Midstream Partners L.P. by 7.5% in the fourth quarter. Whalerock Point Partners LLC now owns 14,400 shares of the pipeline company’s stock valued at $1,089,000 after buying an additional 1,000 shares during the period. Finally, Beacon Financial Group increased its position in shares of Magellan Midstream Partners L.P. by 2.0% in the first quarter. Beacon Financial Group now owns 67,380 shares of the pipeline company’s stock valued at $5,149,000 after buying an additional 1,306 shares during the period. 62.46% of the stock is owned by hedge funds and other institutional investors.

Shares of Magellan Midstream Partners L.P. (MMP) traded down 0.02% during midday trading on Friday, reaching $64.84. 526,489 shares of the company’s stock were exchanged. The company has a market cap of $14.79 billion, a price-to-earnings ratio of 17.58 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77. The stock’s 50 day moving average price is $69.29 and its 200 day moving average price is $73.87.

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

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, July 31st were given a $0.89 dividend. The ex-dividend date was Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.49%. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s payout ratio is presently 96.74%.

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MMP has been the subject of several recent analyst reports. Macquarie initiated coverage on shares of Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They set a “neutral” rating and a $80.00 price objective for the company. Credit Suisse Group upgraded shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $80.00 to $84.00 in a research report on Thursday, May 4th. Royal Bank Of Canada reiterated a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, June 20th. Jefferies Group LLC started coverage on shares of Magellan Midstream Partners L.P. in a research report on Thursday, June 22nd. They set a “hold” rating and a $73.00 price target on the stock. Finally, BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $79.10.

In other 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 value of $600,000.00. Following the transaction, the insider now owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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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