River Road Asset Management LLC Has $5.57 Million Stake in Magellan Midstream Partners, L.P. (NYSE:MMP)

River Road Asset Management LLC decreased its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 15.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 113,869 shares of the pipeline company’s stock after selling 21,523 shares during the quarter. River Road Asset Management LLC owned 0.05% of Magellan Midstream Partners worth $5,569,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Exchange Traded Concepts LLC lifted its holdings in shares of Magellan Midstream Partners by 278.3% during the second quarter. Exchange Traded Concepts LLC now owns 575 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 423 shares during the period. Clearview Wealth Advisors LLC acquired a new position in shares of Magellan Midstream Partners during the first quarter worth $26,000. Corsicana & Co. acquired a new position in shares of Magellan Midstream Partners during the second quarter worth $30,000. Lumature Wealth Partners LLC acquired a new position in shares of Magellan Midstream Partners during the first quarter worth $29,000. Finally, AGF Investments LLC acquired a new position in shares of Magellan Midstream Partners during the first quarter worth $33,000. 59.41% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently issued reports on MMP shares. Morgan Stanley boosted their target price on shares of Magellan Midstream Partners from $53.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, June 18th. Wells Fargo & Company boosted their target price on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, June 24th. TheStreet upgraded shares of Magellan Midstream Partners from a “c+” rating to a “b” rating in a report on Thursday, June 10th. Finally, Mizuho upped their price objective on shares of Magellan Midstream Partners from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, July 30th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $48.57.

Shares of Magellan Midstream Partners stock traded up $0.14 on Wednesday, reaching $47.79. 5,153 shares of the company traded hands, compared to its average volume of 1,345,769. Magellan Midstream Partners, L.P. has a 52 week low of $32.61 and a 52 week high of $53.85. The company has a 50 day moving average of $47.71 and a 200 day moving average of $47.50. The firm has a market capitalization of $10.59 billion, a PE ratio of 11.88 and a beta of 1.13. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.59 and a quick ratio of 1.25.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, July 29th. The pipeline company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.24. Magellan Midstream Partners had a net margin of 35.90% and a return on equity of 42.25%. The firm had revenue of $653.64 million during the quarter, compared to the consensus estimate of $561.73 million. As a group, analysts anticipate that Magellan Midstream Partners, L.P. will post 4.09 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Friday, August 6th were given a $1.0275 dividend. This represents a $4.11 annualized dividend and a dividend yield of 8.60%. The ex-dividend date was Thursday, August 5th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 107.03%.

About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. 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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