Novare Capital Management Lowers stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Novare Capital Management reduced its stake in Magellan Midstream Partners L.P. by 12.8% during the most recent quarter end. The investment management company now holds a total of 99,505 shares of Magellan Midstream Partners L.P. which is valued at $6.9 Million after selling 14,603 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on May 11, 2016.Magellan Midstream Partners L.P. makes up approximately 1.93% of Novare Capital Management’s portfolio.

Other Hedge Funds, Including , United Capital Financial Advisers reduced its stake in MMP by selling 4,651 shares or 2.02% in the most recent quarter. The Hedge Fund company now holds 225,655 shares of MMP which is valued at $15.7 Million. Magellan Midstream Partners L.P. makes up approx 0.17% of United Capital Financial Advisers’s portfolio.Kayne Anderson Capital Advisors Lp reduced its stake in MMP by selling 399,600 shares or 7.85% in the most recent quarter. The Hedge Fund company now holds 4,691,615 shares of MMP which is valued at $326.9 Million. Magellan Midstream Partners L.P. makes up approx 4.08% of Kayne Anderson Capital Advisors Lp’s portfolio.Lakeview Capital Partners reduced its stake in MMP by selling 1,229 shares or 13.85% in the most recent quarter. The Hedge Fund company now holds 7,644 shares of MMP which is valued at $547,310. Magellan Midstream Partners L.P. makes up approx 0.35% of Lakeview Capital Partners’s portfolio. Municipal Employees’ Retirement System Of Michigan added MMP to its portfolio by purchasing 73,850 company shares during the most recent quarter which is valued at $5.3 Million. Magellan Midstream Partners L.P. makes up approx 0.35% of Municipal Employees’ Retirement System Of Michigan’s portfolio.Diversified Trust Co reduced its stake in MMP by selling 9,458 shares or 14.44% in the most recent quarter. The Hedge Fund company now holds 56,035 shares of MMP which is valued at $4 Million. Magellan Midstream Partners L.P. makes up approx 0.57% of Diversified Trust Co’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $70.49 and hit $71.04 on the upside on Monday, eventually ending the session at $70.62, with a gain of 1.35% or 0.94 points. The heightened volatility saw the trading volume jump to 6,83,794 shares. Company has a market cap of $16,086 M.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.86. The company had revenue of $530.30 million for the quarter, compared to analysts expectations of $542.80 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Magellan Midstream Partners L.P. was Downgraded by Stifel to ” Hold” on May 5, 2016. Company shares were Reiterated by RBC Capital Mkts on Apr 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 69 from a previous price target of $61 .Wunderlich Downgraded Magellan Midstream Partners L.P. on Apr 4, 2016 to ” Hold”, Price Target of the shares are set at $68.

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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