MHI Funds LLC lowered its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 31.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,184 shares of the pipeline company’s stock after selling 991 shares during the quarter. MHI Funds LLC’s holdings in Magellan Midstream Partners were worth $145,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMP. Huntington National Bank boosted its stake in shares of Magellan Midstream Partners by 0.5% during the 2nd quarter. Huntington National Bank now owns 31,373 shares of the pipeline company’s stock worth $2,008,000 after acquiring an additional 160 shares in the last quarter. AGF Investments LLC lifted its position in shares of Magellan Midstream Partners by 30.6% during the 2nd quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock worth $50,000 after purchasing an additional 182 shares during the last quarter. FTB Advisors Inc. lifted its position in shares of Magellan Midstream Partners by 5.7% during the 2nd quarter. FTB Advisors Inc. now owns 3,591 shares of the pipeline company’s stock worth $230,000 after purchasing an additional 193 shares during the last quarter. Rothschild Investment Corp IL lifted its position in shares of Magellan Midstream Partners by 0.4% during the 2nd quarter. Rothschild Investment Corp IL now owns 49,300 shares of the pipeline company’s stock worth $3,155,000 after purchasing an additional 200 shares during the last quarter. Finally, Institutional & Family Asset Management LLC lifted its position in shares of Magellan Midstream Partners by 0.8% during the 2nd quarter. Institutional & Family Asset Management LLC now owns 28,401 shares of the pipeline company’s stock worth $1,818,000 after purchasing an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 66.28% of the company’s stock.

In other news, insider Jeff R. Selvidge sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the sale, the insider now directly owns 17,897 shares in the company, valued at approximately $1,188,002.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Chansoo Joung acquired 5,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was bought at an average price of $67.28 per share, for a total transaction of $336,400.00. Following the completion of the purchase, the director now owns 5,000 shares in the company, valued at approximately $336,400. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company’s stock.

Several equities analysts recently weighed in on MMP shares. Bank of America boosted their price objective on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Credit Suisse Group boosted their price objective on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Stifel Nicolaus boosted their price objective on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Raymond James boosted their price objective on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $68.46.

Magellan Midstream Partners stock traded up $0.11 during trading hours on Thursday, hitting $64.79. The stock had a trading volume of 20,535 shares, compared to its average volume of 872,439. The company has a 50-day moving average of $65.93 and a two-hundred day moving average of $64.06. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.73. The company has a market cap of $14.76 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 2.48 and a beta of 0.72. Magellan Midstream Partners, L.P. has a fifty-two week low of $54.25 and a fifty-two week high of $67.75.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.07 by $0.13. The firm had revenue of $701.70 million during the quarter, compared to analysts’ expectations of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. As a group, analysts forecast that Magellan Midstream Partners, L.P. will post 4.37 EPS for the current fiscal year.

About Magellan Midstream Partners

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.

Featured Story: What is a Swap?

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 (NYSE:MMP)

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