Prime Capital Investment Advisors LLC Buys Shares of 1,509 Magellan Midstream Partners (MMP)

Prime Capital Investment Advisors LLC purchased a new stake in shares of Magellan Midstream Partners (NYSE:MMP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,509 shares of the pipeline company’s stock, valued at approximately $107,000.

Several other hedge funds have also recently added to or reduced their stakes in MMP. The Manufacturers Life Insurance Company raised its holdings in shares of Magellan Midstream Partners by 55.8% during the second quarter. The Manufacturers Life Insurance Company now owns 11,050 shares of the pipeline company’s stock valued at $787,000 after acquiring an additional 3,959 shares during the period. First Trust Advisors LP raised its holdings in shares of Magellan Midstream Partners by 9.0% during the third quarter. First Trust Advisors LP now owns 117,625 shares of the pipeline company’s stock valued at $8,358,000 after acquiring an additional 9,702 shares during the period. Sei Investments Co. raised its holdings in shares of Magellan Midstream Partners by 5.8% during the third quarter. Sei Investments Co. now owns 48,557 shares of the pipeline company’s stock valued at $3,450,000 after acquiring an additional 2,658 shares during the period. Bridgecreek Investment Management LLC raised its holdings in shares of Magellan Midstream Partners by 1.2% during the third quarter. Bridgecreek Investment Management LLC now owns 103,164 shares of the pipeline company’s stock valued at $7,331,000 after acquiring an additional 1,175 shares during the period. Finally, Advisor Group Inc. raised its holdings in shares of Magellan Midstream Partners by 8.0% during the third quarter. Advisor Group Inc. now owns 55,331 shares of the pipeline company’s stock valued at $3,935,000 after acquiring an additional 4,112 shares during the period. Institutional investors and hedge funds own 62.21% of the company’s stock.

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A number of equities research analysts have recently issued reports on MMP shares. Bank of America started coverage on shares of Magellan Midstream Partners in a report on Tuesday, January 9th. They set a “buy” rating on the stock. UBS boosted their price objective on shares of Magellan Midstream Partners from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Friday, March 2nd. Royal Bank of Canada reaffirmed a “hold” rating and set a $81.00 price objective on shares of Magellan Midstream Partners in a research report on Tuesday, January 16th. BMO Capital Markets began coverage on shares of Magellan Midstream Partners in a research report on Monday, December 11th. They set a “buy” rating and a $80.00 price objective on the stock. Finally, JPMorgan Chase reaffirmed a “neutral” rating and set a $75.00 price objective (down from $78.00) on shares of Magellan Midstream Partners in a research report on Tuesday, March 13th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $76.00.

In other news, CEO Michael N. Mears sold 10,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $68.00, for a total value of $680,000.00. Following the completion of the sale, the chief executive officer now directly owns 196,473 shares in the company, valued at $13,360,164. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael N. Mears sold 22,251 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $68.03, for a total transaction of $1,513,735.53. Following the completion of the sale, the chief executive officer now owns 196,473 shares of the company’s stock, valued at $13,366,058.19. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

Shares of Magellan Midstream Partners stock traded down $0.73 on Monday, reaching $57.62. The stock had a trading volume of 1,153,107 shares, compared to its average volume of 1,084,481. The company has a current ratio of 0.73, a quick ratio of 0.51 and a debt-to-equity ratio of 2.01. Magellan Midstream Partners has a fifty-two week low of $54.82 and a fifty-two week high of $78.00. The stock has a market capitalization of $13,315.19, a price-to-earnings ratio of 15.12, a PEG ratio of 2.35 and a beta of 0.72.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.08). Magellan Midstream Partners had a return on equity of 40.85% and a net margin of 34.67%. The firm had revenue of $673.30 million during the quarter, compared to analyst estimates of $690.18 million. During the same quarter in the previous year, the firm posted $0.93 earnings per share. Magellan Midstream Partners’s quarterly revenue was up 9.5% compared to the same quarter last year. research analysts predict that Magellan Midstream Partners will post 4.01 earnings per share for the current year.

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Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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

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