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Why Magellan Midstream Partners Continues to Attract Investors

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Part 6
Why Magellan Midstream Partners Continues to Attract Investors PART 6 OF 8

What Does Institutional Activity in Magellan Midstream Indicate?

Institutions hold 63% of Magellan Midstream Partners’ float

Currently, ~63.5% of Magellan Midstream Partners’ (MMP) floating shares are held by nearly 700 institutional investors. Alps Advisors, OppenheimerFunds, and Tortoise Capital Advisors are the top three institutional owners of Magellan Midstream Partners shares. They own 6.3%, 6.0%, and 5.9%, respectively, of Magellan Midstream Partners’ outstanding shares. Alps Advisors reduced its holdings, while OppenheimerFunds and Tortoise Capital Advisors increased their holdings, according to the latest filings.

What Does Institutional Activity in Magellan Midstream Indicate?

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The above table shows the changes in institutional ownership for the top ten holders of Magellan Midstream Partners shares. The top ten institutional investors in Magellan Midstream Partners collectively own nearly 33.1% of its outstanding shares.

Since Form 13F is filed quarterly, the above changes in institutional investors’ Magellan Midstream Partners holdings reflect 2Q17 activity. Overall, five of the top ten investors added, while five sold Magellan Midstream Partners shares in 2Q17. The top ten institutional investors in the company collectively reduced net 0.55 million shares from their positions. These changes indicate some profit-booking in Magellan Midstream Partners by institutional investors in 2Q17. We’ll have to wait for the 3Q17 filings to see institutional investors’ outlook for the company in the latest quarter.

Largest transactions

So far, we discussed the activity of Magellan Midstream Partners’ largest investors. Now, we’ll see which were the largest buy and sell transactions in Magellan Midstream Partners, according to the latest filings.

In addition to OppenheimerFunds’ purchase, listed in the above table, Renaissance Technologies and Deutsche Asset Management Americas each added net 0.65 million Magellan Midstream Partners shares to their positions.

On the other hand, in addition to UBS Financial Services’ sale, Harvest Fund Advisors and Kayne Anderson Capital Advisors sold 1.97 million and 0.52 million Magellan Midstream Partners shares, respectively, according to the latest filings.

In the next part, we’ll discuss what the short interest in Magellan Midstream indicates.

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