Monetary Management Group Inc. continued to hold its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000 shares of the pipeline company’s stock at the close of the 2nd quarter. Monetary Management Group Inc.’s holdings in Magellan Midstream Partners L.P. were worth $143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of MMP. Waldron LP acquired a new stake in Magellan Midstream Partners L.P. in the first quarter worth $611,000. Karp Capital Management Corp acquired a new stake in Magellan Midstream Partners L.P. in the first quarter worth $611,000. Steinberg Global Asset Management increased its position in Magellan Midstream Partners L.P. by 2.8% in the first quarter. Steinberg Global Asset Management now owns 11,156 shares of the pipeline company’s stock worth $858,000 after buying an additional 300 shares during the period. Alliancebernstein L.P. increased its position in Magellan Midstream Partners L.P. by 40.6% in the first quarter. Alliancebernstein L.P. now owns 53,246 shares of the pipeline company’s stock worth $4,095,000 after buying an additional 15,375 shares during the period. Finally, Chicago Partners Investment Group LLC increased its position in Magellan Midstream Partners L.P. by 29.8% in the first quarter. Chicago Partners Investment Group LLC now owns 154,686 shares of the pipeline company’s stock worth $11,897,000 after buying an additional 35,486 shares during the period. 60.72% of the stock is currently owned by institutional investors and hedge funds.

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Several equities research analysts have weighed in on MMP shares. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $70.00 target price (down from $73.00) on shares of Magellan Midstream Partners L.P. in a research report on Sunday, September 3rd. BidaskClub raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, Mizuho lowered Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $74.00 to $72.00 in a research report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $79.04.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of Magellan Midstream Partners L.P. stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the transaction, the insider now owns 19,653 shares in the company, valued at approximately $1,388,287.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. (NYSE:MMP) traded down 1.01% on Friday, hitting $70.26. The stock had a trading volume of 94,966 shares. The firm has a market cap of $16.02 billion, a P/E ratio of 19.05 and a beta of 0.79. The firm’s 50-day moving average price is $68.82 and its 200-day moving average price is $71.62. Magellan Midstream Partners L.P. has a 1-year low of $63.92 and a 1-year high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $619.40 million during the quarter, compared to the consensus estimate of $561.70 million. During the same quarter in the previous year, the company posted $0.82 EPS. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, equities research analysts predict that Magellan Midstream Partners L.P. will post $3.89 earnings per share for the current year.

Magellan Midstream Partners L.P. Profile

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

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