Granite Investment Partners LLC continued to hold its stake in Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,300 shares of the pipeline company’s stock at the end of the second quarter. Granite Investment Partners LLC’s holdings in Magellan Midstream Partners L.P. were worth $449,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in MMP. Founders Capital Management purchased a new stake in Magellan Midstream Partners L.P. during the first quarter valued at about $109,000. Catalyst Capital Advisors LLC increased its stake in Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock valued at $121,000 after buying an additional 300 shares during the period. NEXT Financial Group Inc increased its stake in Magellan Midstream Partners L.P. by 7.5% in the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock valued at $129,000 after buying an additional 126 shares during the period. AlphaMark Advisors LLC increased its stake in Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock valued at $148,000 after buying an additional 1,575 shares during the period. Finally, Independent Portfolio Consultants Inc. increased its stake in Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after buying an additional 87 shares during the period. 62.46% of the stock is currently owned by hedge funds and other institutional investors.

Magellan Midstream Partners L.P. (NYSE MMP) opened at 67.00 on Tuesday. The firm’s 50-day moving average is $69.86 and its 200-day moving average is $74.22. Magellan Midstream Partners L.P. has a 1-year low of $64.25 and a 1-year high of $81.77. The firm has a market capitalization of $15.28 billion, a price-to-earnings ratio of 18.17 and a beta of 0.80.

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, beating 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 company had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same quarter in the prior year, the company posted $0.82 EPS. The business’s revenue was up 19.4% on a year-over-year basis. On average, equities analysts anticipate that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The firm 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 is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date was Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.31%. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 96.74%.

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Several research firms recently issued reports on MMP. Stifel Nicolaus reaffirmed a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $88.00 to $77.00 in a report on Tuesday, July 18th. BidaskClub lowered shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Finally, Zacks Investment Research raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $79.10.

In other news, insider Douglas J. May sold 8,000 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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

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