Securian Asset Management Inc Has $2.21 Million Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Securian Asset Management Inc lessened its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 16.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,233 shares of the pipeline company’s stock after selling 9,000 shares during the period. Securian Asset Management Inc’s holdings in Magellan Midstream Partners were worth $2,212,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MMP. Boston Financial Mangement LLC grew its holdings in shares of Magellan Midstream Partners by 2.9% in the 1st quarter. Boston Financial Mangement LLC now owns 7,715 shares of the pipeline company’s stock valued at $335,000 after acquiring an additional 215 shares in the last quarter. Laird Norton Trust Company LLC grew its holdings in shares of Magellan Midstream Partners by 4.6% in the 2nd quarter. Laird Norton Trust Company LLC now owns 5,124 shares of the pipeline company’s stock valued at $250,000 after acquiring an additional 224 shares in the last quarter. Visionary Wealth Advisors grew its holdings in shares of Magellan Midstream Partners by 4.4% in the 1st quarter. Visionary Wealth Advisors now owns 5,870 shares of the pipeline company’s stock valued at $255,000 after acquiring an additional 250 shares in the last quarter. Kaizen Financial Strategies grew its holdings in shares of Magellan Midstream Partners by 2.4% in the 1st quarter. Kaizen Financial Strategies now owns 10,919 shares of the pipeline company’s stock valued at $473,000 after acquiring an additional 258 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Magellan Midstream Partners by 1.0% during the first quarter. Van ECK Associates Corp now owns 25,040 shares of the pipeline company’s stock worth $1,086,000 after purchasing an additional 260 shares during the period. Hedge funds and other institutional investors own 59.41% of the company’s stock.

NYSE MMP opened at $47.65 on Wednesday. The firm’s fifty day moving average price is $47.71 and its two-hundred day moving average price is $47.50. The stock has a market cap of $10.56 billion, a PE ratio of 11.88 and a beta of 1.13. Magellan Midstream Partners, L.P. has a fifty-two week low of $32.61 and a fifty-two week high of $53.85. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.25 and a current ratio of 1.59.

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

The business also recently announced a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, August 6th were paid a dividend of $1.0275 per share. The ex-dividend date was Thursday, August 5th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 8.63%. Magellan Midstream Partners’s payout ratio is presently 107.03%.

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

Magellan Midstream Partners Company Profile

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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