Magellan Midstream Partners L.P. (MMP) Shares Sold by Solaris Asset Management LLC

Solaris Asset Management LLC decreased its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 5.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,300 shares of the pipeline company’s stock after selling 500 shares during the period. Solaris Asset Management LLC’s holdings in Magellan Midstream Partners L.P. were worth $663,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Raymond James Trust N.A. boosted its stake in shares of Magellan Midstream Partners L.P. by 0.6% in the first quarter. Raymond James Trust N.A. now owns 10,439 shares of the pipeline company’s stock valued at $803,000 after buying an additional 64 shares during the period. Spirit of America Management Corp NY boosted its stake in shares of Magellan Midstream Partners L.P. by 16.9% in the first quarter. Spirit of America Management Corp NY now owns 319,890 shares of the pipeline company’s stock valued at $24,603,000 after buying an additional 46,210 shares during the period. TNB Financial acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $212,000. Prospera Financial Services Inc boosted its stake in shares of Magellan Midstream Partners L.P. by 14.7% in the first quarter. Prospera Financial Services Inc now owns 19,741 shares of the pipeline company’s stock valued at $1,518,000 after buying an additional 2,536 shares during the period. Finally, Pinnacle Bank acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $283,000. 62.46% of the stock is owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. (MMP) traded down 0.02% on Friday, hitting $64.84. 526,489 shares of the company were exchanged. The company has a market capitalization 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 52 week low of $64.25 and a 52 week high of $81.77. The stock has a 50 day moving average of $69.29 and a 200 day moving average of $73.87.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The firm had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period last year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. Analysts predict that Magellan Midstream Partners L.P. will post $3.91 EPS 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 paid a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 5.49%. This is a boost 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 dividend payout ratio (DPR) is presently 96.74%.

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Several brokerages have recently commented on MMP. Macquarie began coverage on shares of Magellan Midstream Partners L.P. in a research report on Friday, April 21st. They issued a “neutral” rating and a $80.00 target price 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 target price for the company from $80.00 to $84.00 in a research report on Thursday, May 4th. Royal Bank Of Canada restated a “hold” rating and issued a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, June 20th. Jefferies Group LLC began coverage on shares of Magellan Midstream Partners L.P. in a research report on Thursday, June 22nd. They issued a “hold” rating and a $73.00 target price for the company. Finally, BidaskClub raised shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $79.77.

In other news, insider Douglas J. May sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares in the company, valued at $2,069,925. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.24% of the company’s stock.

About Magellan Midstream Partners L.P.

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

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