Global Partners LP (NYSE:GLP) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its holdings in Global Partners LP (NYSE:GLP) by 13.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 12,384 shares of the energy company’s stock after selling 1,960 shares during the period. HighTower Advisors LLC’s holdings in Global Partners were worth $576,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. SVB Wealth LLC bought a new stake in shares of Global Partners in the 4th quarter worth approximately $330,000. JPMorgan Chase & Co. increased its position in Global Partners by 9,171.6% in the third quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock worth $3,281,000 after buying an additional 69,704 shares during the period. ING Groep NV bought a new stake in Global Partners in the fourth quarter valued at $1,536,000. Raymond James Financial Inc. acquired a new position in shares of Global Partners during the fourth quarter valued at $6,510,000. Finally, Proficio Capital Partners LLC grew its position in shares of Global Partners by 4,555.0% during the fourth quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company’s stock worth $270,863,000 after acquiring an additional 5,693,750 shares during the last quarter. Institutional investors own 38.12% of the company’s stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lowered shares of Global Partners from a “buy” rating to a “hold” rating and boosted their target price for the company from $54.00 to $56.00 in a research note on Tuesday, March 4th.

Insider Activity

In other news, COO Mark Romaine sold 2,195 shares of Global Partners stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $54.06, for a total value of $118,661.70. Following the transaction, the chief operating officer now owns 156,198 shares of the company’s stock, valued at $8,444,063.88. The trade was a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 41.50% of the company’s stock.

Global Partners Stock Down 0.1 %

GLP stock opened at $54.03 on Friday. The firm’s 50-day moving average is $55.40 and its two-hundred day moving average is $50.98. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 16.32 and a beta of 1.53. Global Partners LP has a 52 week low of $37.00 and a 52 week high of $60.00. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 10th were paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date was Monday, February 10th. This is an increase from Global Partners’s previous quarterly dividend of $0.73. Global Partners’s payout ratio is currently 122.31%.

Global Partners 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.