Posted by admin on Aug 21st, 2022 
Strategic Wealth Advisors Group LLC lifted its stake in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 11.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,200 shares of the pipeline company’s stock after purchasing an additional 1,302 shares during the period. Strategic Wealth Advisors Group LLC’s holdings in Magellan Midstream Partners were worth $605,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of MMP. Advisor Group Holdings Inc. boosted its stake in Magellan Midstream Partners by 11.3% in the fourth quarter. Advisor Group Holdings Inc. now owns 117,980 shares of the pipeline company’s stock valued at $5,481,000 after acquiring an additional 12,020 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Magellan Midstream Partners by 7.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 19,184 shares of the pipeline company’s stock valued at $891,000 after acquiring an additional 1,248 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Magellan Midstream Partners by 2.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 153,284 shares of the pipeline company’s stock valued at $7,119,000 after acquiring an additional 4,140 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Magellan Midstream Partners by 55.1% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,230 shares of the pipeline company’s stock valued at $57,000 after acquiring an additional 437 shares during the last quarter. Finally, Laird Norton Trust Company LLC boosted its position in shares of Magellan Midstream Partners by 8.8% during the fourth quarter. Laird Norton Trust Company LLC now owns 5,574 shares of the pipeline company’s stock worth $258,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 53.28% of the company’s stock.
Shares of MMP stock opened at $51.87 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.49 and a debt-to-equity ratio of 2.84. Magellan Midstream Partners, L.P. has a 1 year low of $43.58 and a 1 year high of $53.75. The firm’s fifty day moving average price is $49.51 and its two-hundred day moving average price is $49.45. The firm has a market capitalization of $10.77 billion, a P/E ratio of 11.11, a PEG ratio of 3.26 and a beta of 0.95.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, August 5th were paid a $1.0375 dividend. The ex-dividend date of this dividend was Thursday, August 4th. This represents a $4.15 annualized dividend and a yield of 8.00%. Magellan Midstream Partners’s payout ratio is currently 88.87%.
A number of equities analysts have recently weighed in on MMP shares. Royal Bank of Canada lifted their price target on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Morgan Stanley lifted their price target on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 26th. Wells Fargo & Company raised shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $54.00 to $56.00 in a research report on Tuesday, May 31st. TD Securities lifted their price target on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, May 6th. Finally, The Goldman Sachs Group raised shares of Magellan Midstream Partners from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $59.00 in a research report on Wednesday, June 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $53.50.
(Get Rating)
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.
Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating).
Receive News & Ratings for Magellan Midstream Partners Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Magellan Midstream Partners and related companies with MarketBeat.com’s FREE daily email newsletter.
Lucid Group, Inc. (NASDAQ:LCID) Shares Acquired by Strategic Wealth Advisors Group LLC
Strategic Wealth Advisors Group LLC Makes New $614,000 Investment in Spirit AeroSystems Holdings, Inc. (NYSE:SPR)
About Author
