Today, Cohen Capital Management Inc. decides to keep it stake in Magellan Midstream Partners L.P. (MMP) to the level of $2,830,000

Today, Cohen Capital Management Inc. decides to keep it stake in Magellan Midstream Partners L.P. (MMP) to the level of $2,830,000

Cohen Capital Management Inc. held its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the third quarter, Holdings Channel reports. The firm owned 40,000 shares of the company’s stock at the end of the third quarter. Cohen Capital Management Inc.’s holdings in Magellan Midstream Partners L.P. were worth $2,830,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MMP. BlackRock Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 1.3% in the second quarter. BlackRock Inc. now owns 2,758 shares of the company’s stock valued at $210,000 after buying an additional 35 shares in the last quarter. Buckingham Asset Management LLC increased its stake in shares of Magellan Midstream Partners L.P. by 0.7% in the second quarter. Buckingham Asset Management LLC now owns 5,591 shares of the company’s stock valued at $425,000 after buying an additional 39 shares in the last quarter. V Wealth Management LLC increased its stake in shares of Magellan Midstream Partners L.P. by 0.6% in the second quarter. V Wealth Management LLC now owns 6,871 shares of the company’s stock valued at $521,000 after buying an additional 40 shares in the last quarter. Carroll Financial Associates Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 2.6% in the second quarter. Carroll Financial Associates Inc. now owns 1,994 shares of the company’s stock valued at $151,000 after buying an additional 50 shares in the last quarter. Finally, Pennsylvania Trust Co increased its stake in shares of Magellan Midstream Partners L.P. by 0.4% in the second quarter. Pennsylvania Trust Co now owns 15,648 shares of the company’s stock valued at $1,189,000 after buying an additional 58 shares in the last quarter. 63.75% of the stock is owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. (NYSE:MMP) traded down 1.28% during mid-day trading on Monday, hitting $68.55. The stock had a trading volume of 681,294 shares. Magellan Midstream Partners L.P. has a 12-month low of $54.51 and a 12-month high of $77.45. The firm has a market cap of $15.61 billion, a P/E ratio of 19.64 and a beta of 0.76. The stock has a 50-day moving average price of $68.52 and a 200 day moving average price of $70.92.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $586.67 million for the quarter, compared to the consensus estimate of $291.99 million. Magellan Midstream Partners L.P. had a return on equity of 38.77% and a net margin of 36.82%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. Equities analysts anticipate that Magellan Midstream Partners L.P. will post $3.55 EPS for the current fiscal year.

The company also recently declared a dividend, which was paid on Monday, November 14th. Investors of record on Monday, October 31st were paid a dividend of $0.8375 per share. The ex-dividend date of this dividend was Thursday, October 27th. This is an increase from Magellan Midstream Partners L.P.’s previous dividend of $0.70. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is currently 95.99%.

Several brokerages have weighed in on MMP. Credit Suisse Group AG set a $74.00 price target on Magellan Midstream Partners L.P. and gave the stock a “sell” rating in a report on Wednesday, August 3rd. Morgan Stanley downgraded Magellan Midstream Partners L.P. from an “equal” rating to an “underweight” rating and decreased their target price for the stock from $73.00 to $69.00 in a report on Thursday, August 18th. Wunderlich reaffirmed a “hold” rating and set a $71.00 target price on shares of Magellan Midstream Partners L.P. in a report on Friday, August 5th. Mizuho started coverage on Magellan Midstream Partners L.P. in a report on Thursday, September 29th. They set a “neutral” rating and a $73.00 target price for the company. Finally, Zacks Investment Research downgraded Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating in a report on Thursday, October 6th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $76.23.

About Magellan Midstream Partners L.P.

Related posts

Leave a Comment