Laurel Wealth Advisors Inc. decreased its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 19,626 shares of the pipeline company’s stock after selling 945 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Magellan Midstream Partners were worth $1,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. AdvisorNet Financial Inc raised its holdings in shares of Magellan Midstream Partners by 132.8% in the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 304 shares during the last quarter. CWM LLC raised its holdings in shares of Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 283 shares during the last quarter. Massey Quick Simon & CO. LLC raised its holdings in shares of Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 500 shares during the last quarter. Bremer Trust National Association purchased a new stake in shares of Magellan Midstream Partners in the fourth quarter valued at about $42,000. Finally, Investors Research Corp purchased a new stake in shares of Magellan Midstream Partners in the first quarter valued at about $49,000. Hedge funds and other institutional investors own 68.86% of the company’s stock.

Several brokerages have recently commented on MMP. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, April 24th. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. Johnson Rice began coverage on shares of Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 target price for the company. Bank of America downgraded shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and lowered their target price for the company from $69.00 to $62.00 in a report on Wednesday, February 27th. Finally, LADENBURG THALM/SH SH set a $75.00 target price on shares of Magellan Midstream Partners and gave the company a “buy” rating in a report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $69.50.

MMP opened at $62.44 on Monday. The stock has a market cap of $14.26 billion, a P/E ratio of 14.69, a P/E/G ratio of 2.55 and a beta of 0.75. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.06. The company had revenue of $628.90 million during the quarter, compared to analyst estimates of $692.56 million. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.05 earnings per share. Analysts predict that Magellan Midstream Partners, L.P. will post 4.09 earnings per share for the current year.

In related news, insider Jeff R. Selvidge sold 4,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total transaction of $254,560.00. Following the completion of the transaction, the insider now owns 23,397 shares in the company, valued at $1,488,985.08. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.26% of the stock is currently owned by corporate insiders.

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Magellan Midstream Partners Company 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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Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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