Evermay Wealth Management LLC lowered its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 1.4% during the second quarter, Holdings Channel reports. The institutional investor owned 7,164 shares of the pipeline company’s stock after selling 100 shares during the period. Evermay Wealth Management LLC’s holdings in Magellan Midstream Partners L.P. were worth $511,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OppenheimerFunds Inc. raised its position in shares of Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock worth $1,003,066,000 after buying an additional 2,345,950 shares in the last quarter. Bank of Montreal Can raised its position in shares of Magellan Midstream Partners L.P. by 34.7% in the second quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock worth $141,505,000 after buying an additional 511,367 shares in the last quarter. UBS Group AG raised its position in shares of Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock worth $454,332,000 after buying an additional 453,671 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock worth $289,454,000 after buying an additional 277,575 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Magellan Midstream Partners L.P. during the first quarter worth $16,889,000. 62.86% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) opened at 68.26 on Thursday. Magellan Midstream Partners L.P. has a 52-week low of $64.25 and a 52-week high of $81.77. The firm’s 50-day moving average price is $69.99 and its 200-day moving average price is $74.48. The stock has a market capitalization of $15.56 billion, a P/E ratio of 18.51 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $619.40 million for the quarter, compared to analysts’ expectations of $561.70 million. During the same period last year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be given a dividend of $0.89 per share. The ex-dividend date is 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 annualized dividend and a dividend yield of 5.22%. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 96.74%.

TRADEMARK VIOLATION WARNING: This story was originally posted by Watch List News and is the sole property of of Watch List News. If you are accessing this story on another website, it was illegally copied and reposted in violation of U.S. & international copyright & trademark legislation. The correct version of this story can be viewed at https://www.watchlistnews.com/magellan-midstream-partners-l-p-nysemmp-stake-cut-by-evermay-wealth-management-llc/1470079.html.

MMP has been the topic of a number of recent analyst reports. Royal Bank Of Canada reaffirmed a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Thursday, April 13th. Credit Suisse Group raised Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $84.00 in a report on Thursday, May 4th. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a report on Tuesday, July 18th. BidaskClub raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Finally, Mizuho lowered Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $74.00 to $72.00 in a report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $79.10.

In other 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 transaction, the insider now directly owns 27,599 shares in the company, valued at approximately $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 currently owned by company insiders.

About Magellan Midstream Partners L.P.

Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners L.P. (NYSE:MMP).

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

Receive News & Ratings for Magellan Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners L.P. and related companies with Analyst Ratings Network's FREE daily email newsletter.