Global Partners (NYSE:GLP) Stock Price Up 2.4% on Insider Buying Activity

Global Partners LP (NYSE:GLP) shares were up 2.4% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $42.87 and last traded at $42.86. Approximately 11,800 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 112,334 shares. The stock had previously closed at $41.86.

Specifically, insider Global Gp Llc purchased 2,400 shares of the company’s stock in a transaction on Monday, August 19th. The shares were bought at an average price of $41.88 per share, with a total value of $100,512.00. Following the completion of the acquisition, the insider now owns 196,681 shares of the company’s stock, valued at $8,237,000.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Global Gp Llc acquired 1,300 shares of Global Partners stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $40.49 per share, with a total value of $52,637.00. Following the completion of the purchase, the insider now owns 194,281 shares in the company, valued at $7,866,437.69. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several equities research analysts have recently commented on GLP shares. Stifel Nicolaus upped their target price on Global Partners from $50.00 to $51.00 and gave the company a “buy” rating in a report on Friday, August 9th. StockNews.com cut shares of Global Partners from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd.

Global Partners Stock Performance

The firm’s 50-day simple moving average is $42.86 and its two-hundred day simple moving average is $45.07. The company has a current ratio of 1.17, a quick ratio of 0.76 and a debt-to-equity ratio of 2.23. The stock has a market capitalization of $1.44 billion, a PE ratio of 15.55 and a beta of 1.38.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a dividend of $0.72 per share. This is an increase from Global Partners’s previous quarterly dividend of $0.71. The ex-dividend date was Thursday, August 8th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 6.78%. Global Partners’s payout ratio is currently 107.06%.

Institutional Investors Weigh In On Global Partners

Several hedge funds have recently bought and sold shares of GLP. Spinnaker Trust acquired a new position in shares of Global Partners in the 2nd quarter valued at about $203,000. International Assets Investment Management LLC acquired a new position in Global Partners in the 2nd quarter valued at approximately $41,000. Albert D Mason Inc. lifted its position in Global Partners by 6.6% in the 2nd quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after buying an additional 300 shares in the last quarter. Granite Bay Wealth Management LLC boosted its stake in shares of Global Partners by 6,200.0% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after buying an additional 310,000 shares during the period. Finally, Gilman Hill Asset Management LLC grew its holdings in shares of Global Partners by 17.8% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock valued at $1,436,000 after acquiring an additional 4,760 shares in the last quarter. 38.12% of the stock is owned by hedge funds and other institutional investors.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.