Raymond James Financial Inc. Lowers Position in Global Partners LP $GLP

Raymond James Financial Inc. trimmed its position in shares of Global Partners LP (NYSE:GLP) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 138,838 shares of the energy company’s stock after selling 1,011 shares during the quarter. Raymond James Financial Inc. owned 0.41% of Global Partners worth $7,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Cetera Investment Advisers raised its holdings in shares of Global Partners by 1.1% in the first quarter. Cetera Investment Advisers now owns 17,692 shares of the energy company’s stock valued at $944,000 after purchasing an additional 196 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Global Partners by 0.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,230 shares of the energy company’s stock worth $1,667,000 after purchasing an additional 259 shares during the last quarter. US Bancorp DE grew its position in Global Partners by 42.9% in the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock worth $109,000 after purchasing an additional 612 shares in the last quarter. HighTower Advisors LLC increased its stake in Global Partners by 22.3% in the 1st quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company’s stock valued at $808,000 after buying an additional 2,760 shares during the last quarter. Finally, Inspire Advisors LLC purchased a new stake in Global Partners in the 1st quarter valued at about $216,000. Institutional investors own 38.12% of the company’s stock.

Insiders Place Their Bets

In other Global Partners news, COO Mark Romaine sold 9,000 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $50.38, for a total value of $453,420.00. Following the completion of the sale, the chief operating officer directly owned 139,531 shares of the company’s stock, valued at $7,029,571.78. This trade represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 27,000 shares of company stock worth $1,397,641 over the last three months. 41.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Global Partners to a “strong-buy” rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $56.00.

Global Partners Stock Performance

NYSE GLP opened at $52.72 on Wednesday. Global Partners LP has a 52-week low of $40.66 and a 52-week high of $60.00. The company has a 50-day simple moving average of $51.61 and a 200 day simple moving average of $52.33. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.70 and a current ratio of 1.18. The company has a market capitalization of $1.79 billion, a PE ratio of 20.28 and a beta of 0.96.

Global Partners (NYSE:GLP) last released its earnings results on Thursday, August 7th. The energy company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). Global Partners had a net margin of 0.64% and a return on equity of 17.95%. The company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $5.98 billion. On average, research analysts predict that Global Partners LP will post 2.13 EPS for the current year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 8th were paid a $0.75 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.75. This represents a $3.00 annualized dividend and a yield of 5.7%. Global Partners’s dividend payout ratio (DPR) is currently 115.38%.

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.