Baldwin Brothers Inc. MA lessened its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 20.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,123 shares of the pipeline company’s stock after selling 10,060 shares during the quarter. Baldwin Brothers Inc. MA’s holdings in Magellan Midstream Partners were worth $1,372,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MMP. Jacobi Capital Management LLC raised its stake in Magellan Midstream Partners by 1,795.6% during the 2nd quarter. Jacobi Capital Management LLC now owns 10,824 shares of the pipeline company’s stock worth $25,000 after buying an additional 10,253 shares during the period. Lenox Wealth Advisors LLC acquired a new stake in Magellan Midstream Partners during the 3rd quarter worth $30,000. Hoover Financial Advisors Inc. acquired a new stake in shares of Magellan Midstream Partners in the 2nd quarter valued at about $49,000. Core Alternative Capital acquired a new stake in shares of Magellan Midstream Partners in the 1st quarter valued at about $53,000. Finally, tru Independence LLC raised its stake in shares of Magellan Midstream Partners by 67.6% in the 1st quarter. tru Independence LLC now owns 1,500 shares of the pipeline company’s stock valued at $55,000 after purchasing an additional 605 shares during the period. 61.73% of the stock is currently owned by institutional investors and hedge funds.
Magellan Midstream Partners stock traded down $0.52 during midday trading on Friday, reaching $36.72. 436,644 shares of the company’s stock were exchanged, compared to its average volume of 1,583,115. Magellan Midstream Partners, L.P. has a 52 week low of $22.02 and a 52 week high of $65.63. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.39 and a current ratio of 0.61. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of 8.56 and a beta of 1.00. The stock’s 50-day simple moving average is $36.54 and its 200 day simple moving average is $40.38.
Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.15). Magellan Midstream Partners had a return on equity of 38.93% and a net margin of 37.15%. The business had revenue of $460.40 million for the quarter, compared to the consensus estimate of $576.07 million. During the same quarter in the previous year, the business posted $1.11 EPS. The company’s revenue for the quarter was down 34.4% on a year-over-year basis. Research analysts forecast that Magellan Midstream Partners, L.P. will post 3.81 earnings per share for the current year.
MMP has been the topic of several recent research reports. Zacks Investment Research raised Magellan Midstream Partners from a “sell” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Monday, October 5th. Citigroup dropped their price target on Magellan Midstream Partners from $66.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. TD Securities initiated coverage on Magellan Midstream Partners in a research note on Tuesday, June 30th. They issued a “buy” rating and a $55.00 price target on the stock. Raymond James lifted their price target on Magellan Midstream Partners from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, July 21st. Finally, ValuEngine downgraded Magellan Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $50.37.
Magellan Midstream Partners Profile
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
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