Private Trust Co. NA Reduced Holding in Magellan Midstream Partners, L.P. (MMP)

Private Trust Co. NA Reduced Holding in Magellan Midstream Partners, L.P. (MMP)

Private Trust Co. NA reduced its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 5.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 16,724 shares of the pipeline company’s stock after selling 988 shares during the period. Private Trust Co. NA’s holdings in Magellan Midstream Partners were worth $1,132,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Magellan Midstream Partners during the second quarter worth $19,419,000. Sei Investments Co. grew its stake in shares of Magellan Midstream Partners by 212.1% during the second quarter. Sei Investments Co. now owns 151,665 shares of the pipeline company’s stock worth $10,477,000 after purchasing an additional 103,070 shares during the period. Aperio Group LLC grew its stake in shares of Magellan Midstream Partners by 92.2% during the second quarter. Aperio Group LLC now owns 14,016 shares of the pipeline company’s stock worth $968,000 after purchasing an additional 6,725 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Magellan Midstream Partners during the second quarter worth $106,000. Finally, Global X Management Co LLC grew its stake in shares of Magellan Midstream Partners by 7.4% during the second quarter. Global X Management Co LLC now owns 1,218,874 shares of the pipeline company’s stock worth $84,200,000 after purchasing an additional 83,828 shares during the period. 63.78% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently commented on MMP. Goldman Sachs Group cut Magellan Midstream Partners from a “buy” rating to a “neutral” rating in a research note on Monday. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Friday, September 14th. Barclays lifted their price objective on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Monday, August 6th. Stifel Nicolaus lifted their price objective on Magellan Midstream Partners from $71.00 to $73.00 and gave the stock a “hold” rating in a research note on Friday, August 3rd. Finally, Zacks Investment Research cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $74.33.

In other news, SVP Jeff R. Selvidge sold 5,500 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $68.70, for a total value of $377,850.00. Following the sale, the senior vice president now directly owns 20,380 shares in the company, valued at $1,400,106. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.84, for a total value of $2,065,200.00. Following the completion of the sale, the chief executive officer now owns 169,295 shares in the company, valued at $11,654,267.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,500 shares of company stock valued at $2,786,500. Insiders own 0.26% of the company’s stock.

NYSE:MMP traded up $0.04 on Tuesday, reaching $67.67. The company’s stock had a trading volume of 4,159 shares, compared to its average volume of 903,316. Magellan Midstream Partners, L.P. has a 1-year low of $54.82 and a 1-year high of $75.82. The company has a current ratio of 0.54, a quick ratio of 0.31 and a debt-to-equity ratio of 2.04. The stock has a market cap of $15.45 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 2.70 and a beta of 0.79.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The firm had revenue of $644.10 million during the quarter, compared to analysts’ expectations of $662.37 million. During the same period in the previous year, the firm earned $0.91 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current year.

Magellan Midstream Partners 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.

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