Cottage Street Advisors buys $7,093,936 stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Cottage Street Advisors scooped up 7,050 additional shares in Magellan Midstream Partners L.P. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 25, 2016. The investment management firm now holds a total of 99,105 shares of Magellan Midstream Partners L.P. which is valued at $7,093,936.Magellan Midstream Partners L.P. makes up approximately 5.55% of Cottage Street Advisors’s portfolio.

Other Hedge Funds, Including , Miracle Mile Advisors sold out all of its stake in MMP during the most recent quarter. The investment firm sold 3,211 shares of MMP which is valued $229,843.Mitchell Mcleod Pugh Williams Inc boosted its stake in MMP in the latest quarter, The investment management firm added 7,974 additional shares and now holds a total of 25,980 shares of Magellan Midstream Partners L.P. which is valued at $1,937,848. Magellan Midstream Partners L.P. makes up approx 1.43% of Mitchell Mcleod Pugh Williams Inc’s portfolio.Gofen Glossberg Il boosted its stake in MMP in the latest quarter, The investment management firm added 1,170 additional shares and now holds a total of 9,608 shares of Magellan Midstream Partners L.P. which is valued at $718,294. Magellan Midstream Partners L.P. makes up approx 0.03% of Gofen Glossberg Il’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $71.84 and hit $72.89 on the upside on Friday, eventually ending the session at $72.86, with a gain of 1.03% or 0.74 points. The heightened volatility saw the trading volume jump to 4,78,646 shares. Company has a market cap of $16,596 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 .

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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