SouthState Corp Trims Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

SouthState Corp lessened its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 47.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 785 shares of the pipeline company’s stock after selling 700 shares during the period. SouthState Corp’s holdings in Magellan Midstream Partners were worth $39,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Independent Advisor Alliance grew its holdings in shares of Magellan Midstream Partners by 2.0% during the 1st quarter. Independent Advisor Alliance now owns 10,464 shares of the pipeline company’s stock worth $513,000 after acquiring an additional 210 shares during the period. GraniteShares Advisors LLC grew its holdings in shares of Magellan Midstream Partners by 9.7% during the 1st quarter. GraniteShares Advisors LLC now owns 17,269 shares of the pipeline company’s stock worth $847,000 after acquiring an additional 1,531 shares during the period. First Foundation Advisors purchased a new position in shares of Magellan Midstream Partners during the 1st quarter worth approximately $254,000. Resources Investment Advisors LLC. grew its holdings in shares of Magellan Midstream Partners by 58.3% during the 1st quarter. Resources Investment Advisors LLC. now owns 7,237 shares of the pipeline company’s stock worth $355,000 after acquiring an additional 2,664 shares during the period. Finally, Beach Investment Counsel Inc. PA purchased a new position in shares of Magellan Midstream Partners during the 1st quarter worth approximately $23,588,000. Hedge funds and other institutional investors own 53.28% of the company’s stock.

Magellan Midstream Partners Price Performance

NYSE MMP opened at $49.94 on Friday. The business’s fifty day moving average price is $49.74 and its 200-day moving average price is $49.25. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 3.10 and a beta of 0.95. The company has a debt-to-equity ratio of 2.84, a current ratio of 0.97 and a quick ratio of 1.01. Magellan Midstream Partners, L.P. has a 1-year low of $43.58 and a 1-year high of $53.75.

Magellan Midstream Partners (NYSE:MMPGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The pipeline company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.05 by $0.03. The firm had revenue of $631.10 million during the quarter, compared to analyst estimates of $704.74 million. Magellan Midstream Partners had a return on equity of 51.99% and a net margin of 34.33%. Magellan Midstream Partners’s revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 EPS. On average, equities analysts predict that Magellan Midstream Partners, L.P. will post 4.67 earnings per share for the current year.

Magellan Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, August 5th will be paid a $1.0375 dividend. The ex-dividend date is Thursday, August 4th. This represents a $4.15 annualized dividend and a dividend yield of 8.31%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 88.87%.

Analyst Upgrades and Downgrades

MMP has been the topic of a number of analyst reports. Morgan Stanley boosted their price target on Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 26th. TD Securities boosted their price target on Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, May 6th. The Goldman Sachs Group raised Magellan Midstream Partners from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $55.00 to $59.00 in a research report on Wednesday, June 8th. Royal Bank of Canada boosted their price target on Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $52.00 to $57.00 in a research report on Wednesday, May 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $53.50.

Magellan Midstream Partners Company Profile

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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.

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

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