Wells Fargo & Company MN Decreases Holdings in Global Partners LP (NYSE:GLP)

Wells Fargo & Company MN decreased its stake in Global Partners LP (NYSE:GLP) by 11.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 76,767 shares of the energy company’s stock after selling 10,397 shares during the period. Wells Fargo & Company MN owned 0.23% of Global Partners worth $3,574,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its holdings in shares of Global Partners by 4,555.0% in the 4th quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company’s stock worth $270,863,000 after purchasing an additional 5,693,750 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Global Partners in the fourth quarter valued at $6,510,000. JPMorgan Chase & Co. lifted its position in shares of Global Partners by 53.8% during the 4th quarter. JPMorgan Chase & Co. now owns 108,357 shares of the energy company’s stock valued at $5,044,000 after buying an additional 37,893 shares during the last quarter. NBW Capital LLC bought a new position in shares of Global Partners during the 4th quarter worth $2,431,000. Finally, ING Groep NV purchased a new stake in Global Partners in the 4th quarter worth about $1,536,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Global Partners Trading Up 1.9 %

Shares of GLP stock opened at $49.86 on Wednesday. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 15.06 and a beta of 1.16. The company’s fifty day simple moving average is $53.50 and its two-hundred day simple moving average is $51.57. Global Partners LP has a 1 year low of $37.00 and a 1 year high of $60.00. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 10th were paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 5.94%. This is a positive change from Global Partners’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Monday, February 10th. Global Partners’s payout ratio is presently 122.31%.

Insider Buying and Selling

In related news, COO Mark Romaine sold 2,195 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $54.06, for a total transaction of $118,661.70. Following the sale, the chief operating officer now owns 156,198 shares of the company’s stock, valued at approximately $8,444,063.88. This represents a 1.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 41.50% of the stock is currently owned by insiders.

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.