Pennsylvania Trust Co Lowers stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Pennsylvania Trust Co reduced its stake in Magellan Midstream Partners L.P. by 0.77% during the most recent quarter end. The investment management company now holds a total of 15,528 shares of Magellan Midstream Partners L.P. which is valued at $1,107,146 after selling 120 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Oct 14, 2016.Magellan Midstream Partners L.P. makes up approximately 0.09% of Pennsylvania Trust Co’s portfolio.

Other Hedge Funds, Including , Spirit Of America Management Corpny boosted its stake in MMP in the latest quarter, The investment management firm added 19,500 additional shares and now holds a total of 245,680 shares of Magellan Midstream Partners L.P. which is valued at $17,516,984. Magellan Midstream Partners L.P. makes up approx 2.32% of Spirit Of America Management Corpny’s portfolio.Msi Financial Services Inc boosted its stake in MMP in the latest quarter, The investment management firm added 583 additional shares and now holds a total of 20,316 shares of Magellan Midstream Partners L.P. which is valued at $1,447,312. Magellan Midstream Partners L.P. makes up approx 0.05% of Msi Financial Services Inc’s portfolio.Weaver C. Barksdale Associates boosted its stake in MMP in the latest quarter, The investment management firm added 932 additional shares and now holds a total of 13,583 shares of Magellan Midstream Partners L.P. which is valued at $948,773. Magellan Midstream Partners L.P. makes up approx 1.63% of Weaver C. Barksdale Associates’s portfolio.Hilton Capital Management boosted its stake in MMP in the latest quarter, The investment management firm added 21,715 additional shares and now holds a total of 227,806 shares of Magellan Midstream Partners L.P. which is valued at $15,964,644. Magellan Midstream Partners L.P. makes up approx 4.16% of Hilton Capital Management’s portfolio.Beacon Financial Group reduced its stake in MMP by selling 729 shares or 1.13% in the most recent quarter. The Hedge Fund company now holds 63,575 shares of MMP which is valued at $4,413,377. Magellan Midstream Partners L.P. makes up approx 0.93% of Beacon Financial Group’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $71.57 and hit $71.73 on the upside on Friday, eventually ending the session at $71.3, with a gain of 0.08% or 0.06 points. The heightened volatility saw the trading volume jump to 4,95,957 shares. Company has a market cap of $16,241 M.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.78. The company had revenue of $518.90 million for the quarter, compared to analysts expectations of $516.56 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Mizuho Initiated Magellan Midstream Partners L.P. on Sep 30, 2016 to “Neutral”, Price Target of the shares are set at $73.Magellan Midstream Partners L.P. was Downgraded by Morgan Stanley to ” Underweight” on Aug 18, 2016.

Magellan Midstream Partners L.P. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Company’s business segments include Refined Products Crude Oil and Marine Storage. The Company’s refined products segment consists of Magellan’s 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Company’s pipeline system and its 1100-mile ammonia pipeline system. Magellan’s crude oil segment consists of approximately 1600 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 21 million barrels of which 12 million is used for leased storage. Its marine storage segment consists of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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