PNC Financial Services Group Inc. cut its holdings in Global Partners LP (NYSE:GLP – Free Report) by 38.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,218 shares of the energy company’s stock after selling 7,682 shares during the period. PNC Financial Services Group Inc.’s holdings in Global Partners were worth $517,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. Manchester Capital Management LLC acquired a new position in shares of Global Partners in the third quarter valued at about $35,000. Signaturefd LLC bought a new stake in Global Partners during the fourth quarter worth about $85,000. Acadian Asset Management LLC bought a new stake in Global Partners during the third quarter worth about $138,000. Spinnaker Trust bought a new stake in Global Partners during the third quarter worth about $220,000. Finally, Apollon Wealth Management LLC lifted its position in Global Partners by 3.1% during the fourth quarter. Apollon Wealth Management LLC now owns 10,829 shares of the energy company’s stock worth $458,000 after purchasing an additional 325 shares during the period. 38.12% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Separately, StockNews.com cut shares of Global Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd.
View Our Latest Report on Global Partners
Global Partners Trading Up 3.3 %
GLP opened at $48.33 on Monday. Global Partners LP has a twelve month low of $27.07 and a twelve month high of $49.50. The company has a 50-day simple moving average of $45.57 and a 200 day simple moving average of $43.85. The company has a quick ratio of 0.76, a current ratio of 1.17 and a debt-to-equity ratio of 2.23. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 17.97 and a beta of 1.33.
Global Partners (NYSE:GLP – Get Free Report) last posted its earnings results on Wednesday, May 8th. The energy company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.47). The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $5.22 billion. Global Partners had a return on equity of 18.45% and a net margin of 0.71%. Analysts predict that Global Partners LP will post 3.11 EPS for the current fiscal year.
Global Partners Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Thursday, May 9th were issued a $0.71 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.88%. This is a boost from Global Partners’s previous quarterly dividend of $0.70. Global Partners’s dividend payout ratio is 105.58%.
Insider Transactions at Global Partners
In related news, insider Global Gp Llc bought 10,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was purchased at an average price of $46.69 per share, with a total value of $466,900.00. Following the completion of the acquisition, the insider now owns 147,981 shares of the company’s stock, valued at $6,909,232.89. The purchase was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders purchased 80,000 shares of company stock valued at $3,546,900. 41.50% of the stock is currently owned by insiders.
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.
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