Cypress Capital Group Lowers Position in Magellan Midstream Partners L.P. (MMP)

Cypress Capital Group reduced its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,515 shares of the pipeline company’s stock after selling 4,400 shares during the period. Cypress Capital Group’s holdings in Magellan Midstream Partners L.P. were worth $4,424,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OppenheimerFunds Inc. boosted its position in shares of Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock valued at $1,003,066,000 after buying an additional 2,345,950 shares during the period. UBS Group AG raised its stake in Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after buying an additional 453,671 shares during the period. JPMorgan Chase & Co. raised its stake in Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after buying an additional 277,575 shares during the period. Renaissance Technologies LLC purchased a new stake in Magellan Midstream Partners L.P. during the first quarter valued at approximately $16,889,000. Finally, Global X Management Co. LLC raised its stake in Magellan Midstream Partners L.P. by 21.6% in the first quarter. Global X Management Co. LLC now owns 639,413 shares of the pipeline company’s stock valued at $49,177,000 after buying an additional 113,764 shares during the period. Hedge funds and other institutional investors own 62.80% of the company’s stock.

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Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded up 0.14% during trading on Friday, hitting $70.12. The company’s stock had a trading volume of 896,596 shares. The company has a market cap of $15.99 billion, a PE ratio of 19.53 and a beta of 0.81. The firm’s 50 day moving average price is $70.47 and its 200-day moving average price is $75.02. Magellan Midstream Partners L.P. has a 52 week low of $64.25 and a 52 week high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings data on Wednesday, May 3rd. The pipeline company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.08. The firm had revenue of $519.80 million during the quarter, compared to analysts’ expectations of $554.22 million. Magellan Midstream Partners L.P. had a net margin of 35.16% and a return on equity of 41.17%. The company’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.87 EPS. On average, analysts predict that Magellan Midstream Partners L.P. will post $3.87 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be given a dividend of $0.89 per share. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $3.56 annualized dividend and a dividend yield of 5.08%. Magellan Midstream Partners L.P.’s payout ratio is currently 97.49%.

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A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus restated a “hold” rating and issued a $81.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Wednesday. Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $88.00 to $77.00 in a research report on Tuesday, July 18th. UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, July 18th. 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 cut Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $74.00 to $72.00 in a research note on Monday, July 10th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $78.86.

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In other news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the sale, the insider now owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.24% of the stock is owned by insiders.

About Magellan Midstream Partners L.P.

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

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