Magellan Midstream Partners L.P. (MMP) Shares Sold by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. decreased its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,963 shares of the pipeline company’s stock after selling 4,535 shares during the period. Tocqueville Asset Management L.P.’s holdings in Magellan Midstream Partners L.P. were worth $4,332,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. NEXT Financial Group Inc lifted its position in Magellan Midstream Partners L.P. by 7.5% during the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock valued at $129,000 after purchasing an additional 126 shares during the period. Independent Portfolio Consultants Inc. lifted its position in Magellan Midstream Partners L.P. by 4.6% during the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after purchasing an additional 87 shares during the period. Pathstone Family Office LLC bought a new position in Magellan Midstream Partners L.P. during the second quarter valued at approximately $148,000. Acrospire Investment Management LLC lifted its position in Magellan Midstream Partners L.P. by 340.0% during the second quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock valued at $157,000 after purchasing an additional 1,700 shares during the period. Finally, Glenview State Bank Trust DEPT. bought a new position in Magellan Midstream Partners L.P. during the third quarter valued at approximately $223,000. Institutional investors own 55.49% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded up $0.07 during trading hours on Tuesday, hitting $65.05. 1,152,985 shares of the company’s stock were exchanged, compared to its average volume of 694,815. Magellan Midstream Partners L.P. has a 1-year low of $63.55 and a 1-year high of $81.77. The stock has a market cap of $14,830.00, a PE ratio of 17.02, a P/E/G ratio of 2.19 and a beta of 0.78. The company has a quick ratio of 0.29, a current ratio of 0.50 and a debt-to-equity ratio of 1.90.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. The business had revenue of $551.80 million during the quarter, compared to analysts’ expectations of $610.12 million. Magellan Midstream Partners L.P. had a net margin of 34.50% and a return on equity of 40.99%. The business’s revenue was down 3.7% on a year-over-year basis. During the same period last year, the company posted $0.91 EPS. equities research analysts forecast that Magellan Midstream Partners L.P. will post 3.9 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Thursday, November 2nd were issued a $0.905 dividend. This represents a $3.62 annualized dividend and a dividend yield of 5.56%. The ex-dividend date was Wednesday, November 1st. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 97.84%.

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In other news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the sale, the insider now owns 19,653 shares in the company, valued at approximately $1,388,287.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.24% of the stock is currently owned by company insiders.

A number of research analysts recently weighed in on MMP shares. Mizuho restated a “sell” rating and set a $72.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Friday, October 20th. Jefferies Group LLC restated a “hold” rating and set a $70.00 price objective (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research report on Sunday, September 3rd. BidaskClub downgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Citigroup Inc. upgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Thursday, September 21st. Finally, Zacks Investment Research upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $79.04.

Magellan Midstream Partners L.P. Company Profile

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

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