Trade Report: The Tower Research Capital LLC TRC Boosts Stake in Magellan Midstream Partners L.P. (MMP)

The Tower Research Capital LLC TRC Boosts Stake in Magellan Midstream Partners L.P. (MMP)

Tower Research Capital LLC TRC increased its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 7,232.3% during the second quarter, Holdings Channel reports. The fund owned 2,273 shares of the company’s stock after buying an additional 2,242 shares during the period. Tower Research Capital LLC TRC’s holdings in Magellan Midstream Partners L.P. were worth $173,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in MMP. Ironwood Investment Counsel LLC raised its position in shares of Magellan Midstream Partners L.P. by 1.1% in the first quarter. Ironwood Investment Counsel LLC now owns 40,250 shares of the company’s stock worth $2,769,000 after buying an additional 450 shares during the last quarter. Uniplan Investment Counsel Inc. bought a new position in shares of Magellan Midstream Partners L.P. during the first quarter worth about $2,357,000. Quadrature Capital Ltd raised its position in shares of Magellan Midstream Partners L.P. by 23.2% in the first quarter. Quadrature Capital Ltd now owns 11,346 shares of the company’s stock worth $781,000 after buying an additional 2,138 shares during the last quarter. Cypress Wealth Advisors LLC raised its position in shares of Magellan Midstream Partners L.P. by 6.0% in the first quarter. Cypress Wealth Advisors LLC now owns 16,295 shares of the company’s stock worth $1,121,000 after buying an additional 925 shares during the last quarter. Finally, Donaldson Capital Management LLC bought a new position in shares of Magellan Midstream Partners L.P. during the first quarter worth about $550,000. Institutional investors own 62.52% of the company’s stock.

Magellan Midstream Partners L.P. (NYSE:MMP) opened at 69.72 on Wednesday. The company has a 50-day moving average of $69.97 and a 200-day moving average of $70.95. Magellan Midstream Partners L.P. has a 52-week low of $54.51 and a 52-week high of $77.45. The company has a market cap of $15.88 billion, a P/E ratio of 18.69 and a beta of 0.71.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Tuesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.07. Magellan Midstream Partners L.P. had a net margin of 38.97% and a return on equity of 38.58%. The company had revenue of $518.90 million for the quarter, compared to the consensus estimate of $519.12 million. During the same quarter in the previous year, the company earned $0.78 EPS. Magellan Midstream Partners L.P.’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts expect that Magellan Midstream Partners L.P. will post $3.52 earnings per share for the current fiscal year.

A number of equities analysts have recently issued reports on the stock. Ladenburg Thalmann assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Wednesday, July 13th. They set a “buy” rating on the stock. Zacks Investment Research lowered shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Seaport Global Securities started coverage on shares of Magellan Midstream Partners L.P. in a report on Tuesday, June 14th. They issued a “buy” rating and a $82.00 price objective on the stock. Morgan Stanley lowered shares of Magellan Midstream Partners L.P. from an “equal” rating to an “underweight” rating and cut their price objective for the company from $73.00 to $69.00 in a report on Thursday, August 18th. Finally, Credit Suisse Group AG set a $74.00 price objective on shares of Magellan Midstream Partners L.P. and gave the company a “sell” rating in a report on Wednesday, August 3rd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $77.57.

About Magellan Midstream Partners L.P.

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