Brasada Capital Management LP Cuts Holdings in Magellan Midstream Partners, L.P. (MMP)

Brasada Capital Management LP lowered its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 12.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 74,136 shares of the pipeline company’s stock after selling 10,075 shares during the quarter. Magellan Midstream Partners comprises approximately 1.3% of Brasada Capital Management LP’s investment portfolio, making the stock its 23rd biggest holding. Brasada Capital Management LP’s holdings in Magellan Midstream Partners were worth $4,495,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Howe & Rusling Inc. lifted its position in shares of Magellan Midstream Partners by 155.1% in the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of Magellan Midstream Partners by 132.8% in the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 304 shares in the last quarter. CWM LLC lifted its position in shares of Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 283 shares in the last quarter. Massey Quick Simon & CO. LLC lifted its position in shares of Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 500 shares in the last quarter. Finally, Bremer Trust National Association bought a new stake in shares of Magellan Midstream Partners in the fourth quarter worth $42,000. 67.18% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently commented on MMP shares. SunTrust Banks started coverage on shares of Magellan Midstream Partners in a research report on Friday, January 18th. They issued a “hold” rating and a $65.00 price objective on the stock. Jefferies Financial Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Wolfe Research lowered shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 price objective on the stock. in a research report on Friday, February 1st. Citigroup set a $70.00 price objective on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Finally, ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Magellan Midstream Partners presently has an average rating of “Hold” and an average target price of $69.38.

In related news, insider Jeff R. Selvidge sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $60.34, for a total transaction of $150,850.00. Following the transaction, the insider now directly owns 25,897 shares in the company, valued at $1,562,624.98. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Lisa J. Korner sold 6,958 shares of the business’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $59.29, for a total transaction of $412,539.82. Following the transaction, the insider now owns 74,517 shares in the company, valued at $4,418,112.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,696 shares of company stock worth $2,597,682. 0.26% of the stock is owned by corporate insiders.

Shares of MMP opened at $60.36 on Tuesday. The firm has a market cap of $13.70 billion, a P/E ratio of 14.20, a PEG ratio of 2.17 and a beta of 0.85. Magellan Midstream Partners, L.P. has a 1-year low of $54.25 and a 1-year high of $72.90. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.39 and a current ratio of 0.70.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.06. The business had revenue of $628.90 million for the quarter, compared to the consensus estimate of $692.56 million. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 earnings per share. On average, analysts predict that Magellan Midstream Partners, L.P. will post 4.61 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th will be issued a dividend of $1.005 per share. This represents a $4.02 dividend on an annualized basis and a yield of 6.66%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, May 7th. Magellan Midstream Partners’s payout ratio is presently 94.59%.

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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 diesel fuel, kerosene, heating oil, 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.

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

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