Riverhead Capital Management LLC grew its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 225.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,197 shares of the pipeline company’s stock after buying an additional 2,908 shares during the quarter. Riverhead Capital Management LLC’s holdings in Magellan Midstream Partners were worth $269,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Semmax Financial Advisors Inc. increased its stake in shares of Magellan Midstream Partners by 115.6% during the 1st quarter. Semmax Financial Advisors Inc. now owns 10,195 shares of the pipeline company’s stock worth $618,000 after purchasing an additional 5,466 shares during the last quarter. RiverGlades Family Offices LLC acquired a new position in shares of Magellan Midstream Partners during the 1st quarter worth about $631,000. Moors & Cabot Inc. increased its stake in shares of Magellan Midstream Partners by 7.5% during the 2nd quarter. Moors & Cabot Inc. now owns 85,105 shares of the pipeline company’s stock worth $5,447,000 after purchasing an additional 5,974 shares during the last quarter. Bogart Wealth LLC increased its stake in shares of Magellan Midstream Partners by 13.0% during the 2nd quarter. Bogart Wealth LLC now owns 38,852 shares of the pipeline company’s stock worth $2,486,000 after purchasing an additional 4,467 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Magellan Midstream Partners by 19.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 193,000 shares of the pipeline company’s stock worth $11,702,000 after purchasing an additional 32,000 shares during the last quarter. 69.90% of the stock is currently owned by hedge funds and other institutional investors.

MMP has been the topic of several recent analyst reports. Stifel Nicolaus boosted their price objective on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday. Bank of America upped their price target on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Credit Suisse Group upped their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Finally, Raymond James upped their price target on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Magellan Midstream Partners presently has a consensus rating of “Hold” and an average price target of $69.00.

NYSE MMP traded up $0.10 during trading on Friday, reaching $65.71. The company’s stock had a trading volume of 36,079 shares, compared to its average volume of 663,699. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $15.02 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 2.49 and a beta of 0.72. Magellan Midstream Partners, L.P. has a 12 month low of $54.25 and a 12 month high of $69.44. The firm has a 50 day moving average price of $65.89 and a 200 day moving average price of $63.13.

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

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a dividend of $1.013 per share. This represents a $4.05 dividend on an annualized basis and a dividend yield of 6.17%. The ex-dividend date of this dividend was Tuesday, August 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s dividend payout ratio is 95.29%.

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 shares were sold at an average price of $66.38, for a total transaction of $464,660.00. Following the completion of the sale, the insider now owns 17,897 shares of the company’s stock, valued at approximately $1,188,002.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Chansoo Joung purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were purchased at an average cost of $67.28 per share, with a total value of $336,400.00. Following the acquisition, 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.

Magellan Midstream Partners 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.

See Also: Market Capitalization and Individual Investors

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.