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What Does Institutional Investors’ Activity in MMP Indicate?

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Apr. 18 2018, Updated 9:01 a.m. ET

Top institutional investors

ALPS Advisors, Tortoise Capital Advisors, and Goldman Sachs Asset Management are the three largest institutional investors in Magellan Midstream Partners (MMP). These investors hold 6.5%, 6.2%, and 3.7%, respectively, of MMP’s outstanding shares. 

Each of the top three investors reduced its position in MMP in 4Q17. The top ten investors collectively own ~31% of Magellan Midstream Partners’ outstanding shares.

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The table above shows the position changes by the top ten institutional investors in Magellan Midstream Partners in 4Q17. The top ten have collectively sold 6 million net MMP shares from their positions. Seven of the top ten reduced their MMP positions in 4Q17, while three added to their positions. These position changes suggested bearishness toward Magellan Midstream Partners.

Position changes

According to a filing dated December 31, 2017, OppenheimerFunds sold 5.4 million net MMP shares, the largest position change among the top ten holders.

An addition of 0.7 million net shares by Energy Income Partners was the largest positive change.

Institutional ownership in MMP

Institutions and strategic entities hold ~62.5% of Magellan Midstream Partners’ outstanding shares. MMP has 228 million outstanding shares, of which 99.7% are free-float shares.

Of the ~62.5% of MMP shares held by institutions and strategic entities, 61.3% are held in North America. Europe and the Asia-Pacific account for 1.0% and 0.2%, respectively, of this 62.5% share.

Next, we’ll look at recent short interest changes in Magellan Midstream Partners.

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