Global Partners LP (NYSE:GLP) Position Cut by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in Global Partners LP (NYSE:GLP) by 3.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 379,224 shares of the energy company’s stock after selling 11,689 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Global Partners were worth $16,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in Global Partners during the 4th quarter valued at $1,611,000. Raymond James Financial Services Advisors Inc. boosted its stake in Global Partners by 34.0% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 113,208 shares of the energy company’s stock valued at $4,790,000 after purchasing an additional 28,735 shares in the last quarter. Raymond James & Associates boosted its stake in Global Partners by 5.3% during the 4th quarter. Raymond James & Associates now owns 15,909 shares of the energy company’s stock valued at $673,000 after purchasing an additional 807 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Global Partners by 12.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 36,316 shares of the energy company’s stock valued at $1,537,000 after purchasing an additional 4,060 shares in the last quarter. Finally, Citigroup Inc. bought a new position in Global Partners during the 3rd quarter valued at $494,000. 38.12% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GLP. StockNews.com raised Global Partners from a “hold” rating to a “buy” rating in a research note on Wednesday, March 13th. Stifel Nicolaus raised their price objective on Global Partners from $40.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, December 27th.

Global Partners Stock Performance

GLP opened at $45.30 on Thursday. The firm has a market cap of $1.53 billion, a PE ratio of 12.05 and a beta of 1.35. The company has a quick ratio of 0.71, a current ratio of 1.12 and a debt-to-equity ratio of 2.02. The business has a fifty day simple moving average of $46.38 and a 200-day simple moving average of $40.03. Global Partners LP has a fifty-two week low of $27.07 and a fifty-two week high of $49.50.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Wednesday, February 28th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.45. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.39 billion. Global Partners had a return on equity of 23.91% and a net margin of 0.92%. As a group, equities analysts predict that Global Partners LP will post 3.9 EPS for the current fiscal year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Thursday, February 8th were issued a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, February 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.18%. This is a positive change from Global Partners’s previous quarterly dividend of $0.69. Global Partners’s dividend payout ratio is presently 74.47%.

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.