GYL Financial Synergies LLC increased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 613.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,346 shares of the pipeline company’s stock after purchasing an additional 27,812 shares during the period. GYL Financial Synergies LLC’s holdings in Magellan Midstream Partners were worth $1,961,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MMP. AdvisorNet Financial Inc boosted its position in Magellan Midstream Partners by 132.8% in the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after buying an additional 304 shares during the period. CWM LLC boosted its position in Magellan Midstream Partners by 103.7% in the 1st quarter. CWM LLC now owns 556 shares of the pipeline company’s stock valued at $34,000 after buying an additional 283 shares during the period. Massey Quick Simon & CO. LLC boosted its position in Magellan Midstream Partners by 308.6% in the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after buying an additional 500 shares during the period. Bremer Trust National Association purchased a new stake in Magellan Midstream Partners in the 4th quarter valued at about $42,000. Finally, Investors Research Corp purchased a new stake in Magellan Midstream Partners in the 1st quarter valued at about $49,000. 68.88% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:MMP traded down $0.31 during trading hours on Wednesday, hitting $62.98. The company’s stock had a trading volume of 24,075 shares, compared to its average volume of 926,224. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $72.90. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.39 and a current ratio of 0.70. The firm has a market cap of $14.34 billion, a P/E ratio of 14.82, a P/E/G ratio of 2.58 and a beta of 0.75.

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

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were issued a $1.005 dividend. The ex-dividend date was Tuesday, May 7th. This represents a $4.02 annualized dividend and a dividend yield of 6.38%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.00. Magellan Midstream Partners’s payout ratio is currently 94.59%.

Several equities research analysts have issued reports on MMP shares. LADENBURG THALM/SH SH set a $75.00 price objective on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research report on Tuesday, March 26th. ValuEngine raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, March 7th. Zacks Investment Research raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, April 16th. Bank of America cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $69.00 to $62.00 in a research report on Wednesday, February 27th. Finally, Johnson Rice started coverage on shares of Magellan Midstream Partners in a research report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price objective for the company. One 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. Magellan Midstream Partners has a consensus rating of “Hold” and a consensus price target of $69.50.

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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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