Cascade Investment Group Inc. Sells 2,850 Shares of Global Partners LP (NYSE:GLP)

Cascade Investment Group Inc. lessened its position in shares of Global Partners LP (NYSE:GLP) by 5.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,185 shares of the energy company’s stock after selling 2,850 shares during the quarter. Global Partners makes up about 1.6% of Cascade Investment Group Inc.’s investment portfolio, making the stock its 11th largest position. Cascade Investment Group Inc. owned 0.14% of Global Partners worth $2,290,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of GLP. Exchange Traded Concepts LLC lifted its position in Global Partners by 2.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after buying an additional 725 shares in the last quarter. Stratos Wealth Advisors LLC acquired a new stake in Global Partners in the third quarter worth $225,000. Fiducient Advisors LLC bought a new position in Global Partners during the third quarter worth about $474,000. Capital Performance Advisors LLP acquired a new position in shares of Global Partners in the 3rd quarter valued at approximately $93,000. Finally, Infrastructure Capital Advisors LLC increased its position in shares of Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after acquiring an additional 51,630 shares in the last quarter. Institutional investors own 38.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus increased their price target on Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th.

Global Partners Stock Performance

Shares of Global Partners stock opened at $52.41 on Monday. The firm has a market capitalization of $1.78 billion, a P/E ratio of 15.83 and a beta of 1.47. Global Partners LP has a fifty-two week low of $37.00 and a fifty-two week high of $58.76. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64. The company’s 50 day moving average price is $50.65 and its two-hundred day moving average price is $46.23.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.57%. This is an increase from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. Global Partners’s payout ratio is currently 88.22%.

Global Partners Company Profile

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.