Arcadia Investment Management Corp MI cut its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 51.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 8,625 shares of the pipeline company’s stock after selling 9,062 shares during the period. Arcadia Investment Management Corp MI’s holdings in Magellan Midstream Partners L.P. were worth $615,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Founders Capital Management acquired a new position in Magellan Midstream Partners L.P. during the first quarter valued at about $109,000. Catalyst Capital Advisors LLC boosted its position 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 last quarter. NEXT Financial Group Inc boosted its position 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 last quarter. Independent Portfolio Consultants Inc. boosted its position 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 last quarter. Finally, AlphaMark Advisors LLC boosted its position 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 last quarter. 62.46% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) opened at 65.90 on Wednesday. Magellan Midstream Partners L.P. has a one year low of $64.25 and a one year high of $81.77. The stock has a market capitalization of $15.03 billion, a P/E ratio of 17.87 and a beta of 0.80. The stock’s 50 day moving average price is $69.72 and its 200 day moving average price is $74.11.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the previous year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was up 19.4% compared to the same quarter last year. On average, analysts forecast that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were paid a dividend of $0.89 per share. The ex-dividend date of this dividend was Thursday, July 27th. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.40%. Magellan Midstream Partners L.P.’s payout ratio is 96.74%.

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Several research analysts have recently issued reports on MMP shares. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Tuesday, July 18th. Barclays PLC cut Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $88.00 to $77.00 in a research note on Tuesday, July 18th. Royal Bank Of Canada reissued a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $81.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Four equities research 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. The company has a consensus rating of “Hold” and an average target price of $79.10.

In related news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the sale, the insider now directly owns 27,599 shares of the company’s stock, valued at $2,069,925. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.24% of the stock is owned by insiders.

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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