Virtus ETF Advisers LLC boosted its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 535,245 shares of the pipeline company’s stock after acquiring an additional 5,493 shares during the period. Magellan Midstream Partners makes up approximately 5.2% of Virtus ETF Advisers LLC’s holdings, making the stock its 5th largest holding. Virtus ETF Advisers LLC owned approximately 0.23% of Magellan Midstream Partners worth $30,541,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Tortoise Capital Advisors L.L.C. boosted its holdings in shares of Magellan Midstream Partners by 12.1% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 16,823,215 shares of the pipeline company’s stock worth $1,139,268,000 after acquiring an additional 1,822,186 shares in the last quarter. Alps Advisors Inc. lifted its holdings in Magellan Midstream Partners by 2.3% during the 4th quarter. Alps Advisors Inc. now owns 14,930,399 shares of the pipeline company’s stock worth $851,929,000 after buying an additional 329,367 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in Magellan Midstream Partners by 7.3% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 3,901,841 shares of the pipeline company’s stock worth $264,219,000 after buying an additional 266,114 shares in the last quarter. Advisory Research Inc. lifted its holdings in Magellan Midstream Partners by 12.0% during the 3rd quarter. Advisory Research Inc. now owns 2,670,441 shares of the pipeline company’s stock worth $180,842,000 after buying an additional 286,070 shares in the last quarter. Finally, Brookfield Asset Management Inc. lifted its holdings in Magellan Midstream Partners by 8.6% during the 3rd quarter. Brookfield Asset Management Inc. now owns 2,478,836 shares of the pipeline company’s stock worth $167,867,000 after buying an additional 196,760 shares in the last quarter. Hedge funds and other institutional investors own 65.61% of the company’s stock.
Several research analysts have issued reports on the company. Wolfe Research assumed coverage on Magellan Midstream Partners in a report on Tuesday, October 30th. They set a “hold” rating on the stock. Mizuho initiated coverage on Magellan Midstream Partners in a research note on Wednesday, November 28th. They issued a “neutral” rating and a $67.00 price target on the stock. Zacks Investment Research downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Citigroup cut their price target on Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Finally, ValuEngine downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $71.61.
Shares of MMP traded up $1.23 during trading hours on Tuesday, reaching $58.28. The stock had a trading volume of 11,715 shares, compared to its average volume of 1,101,582. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $72.90. The stock has a market cap of $13.13 billion, a P/E ratio of 13.68, a P/E/G ratio of 2.33 and a beta of 0.85.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 EPS for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.13). Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 42.53%. The firm had revenue of $865.68 million during the quarter, compared to the consensus estimate of $710.21 million. On average, equities research analysts expect that Magellan Midstream Partners, L.P. will post 4.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 14th. Investors of record on Thursday, February 7th will be given a $0.9775 dividend. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.71%. The ex-dividend date is Wednesday, February 6th. Magellan Midstream Partners’s dividend payout ratio is currently 93.88%.
In related news, insider Lisa J. Korner sold 10,000 shares of the company’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $58.14, for a total value of $581,400.00. Following the completion of the sale, the insider now owns 73,257 shares in the company, valued at approximately $4,259,161.98. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.26% of the stock is owned by corporate insiders.
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About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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