Ironwood Investment Counsel Lowers stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Ironwood Investment Counsel reduced its stake in Magellan Midstream Partners L.P. by 1.12% during the most recent quarter end. The investment management company now holds a total of 39,800 shares of Magellan Midstream Partners L.P. which is valued at $2,850,078 after selling 450 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Magellan Midstream Partners L.P. makes up approximately 1.62% of Ironwood Investment Counsel’s portfolio.

Other Hedge Funds, Including , Bienville Capital Management added MMP to its portfolio by purchasing 8,504 company shares during the most recent quarter which is valued at $608,971. Magellan Midstream Partners L.P. makes up approx 0.16% of Bienville Capital Management’s portfolio.Walnut Private Equity Partners boosted its stake in MMP in the latest quarter, The investment management firm added 622 additional shares and now holds a total of 194,022 shares of Magellan Midstream Partners L.P. which is valued at $14,505,085. Magellan Midstream Partners L.P. makes up approx 11.63% of Walnut Private Equity Partners’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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