Friedberg Investment Management buys $9,296,410 stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Friedberg Investment Management scooped up 4,370 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 Aug 10, 2016. The investment management firm now holds a total of 129,820 shares of Magellan Midstream Partners L.P. which is valued at $9,296,410.Magellan Midstream Partners L.P. makes up approximately 4.29% of Friedberg Investment Management’s portfolio.

Other Hedge Funds, Including , Brown Advisory Securities reduced its stake in MMP by selling 129 shares or 1.59% in the most recent quarter. The Hedge Fund company now holds 7,960 shares of MMP which is valued at $558,235. Magellan Midstream Partners L.P. makes up approx 0.17% of Brown Advisory Securities’s portfolio.First National Trust Co reduced its stake in MMP by selling 295 shares or 4.99% in the most recent quarter. The Hedge Fund company now holds 5,621 shares of MMP which is valued at $402,351. Magellan Midstream Partners L.P. makes up approx 0.06% of First National Trust Co’s portfolio.

Magellan Midstream Partners L.P. closed down -1.29 points or -1.81% at $70.01 with 6,90,568 shares getting traded on Friday. Post opening the session at $70.95, the shares hit an intraday low of $69.94 and an intraday high of $71.25 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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.. 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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