Cerity Partners LLC Buys New Holdings in Global Partners LP (NYSE:GLP)

Cerity Partners LLC purchased a new position in Global Partners LP (NYSE:GLP) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 11,339 shares of the energy company’s stock, valued at approximately $528,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLP. Proficio Capital Partners LLC boosted its stake in Global Partners by 4,555.0% during the 4th quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company’s stock valued at $270,863,000 after purchasing an additional 5,693,750 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Global Partners in the fourth quarter valued at approximately $6,510,000. JPMorgan Chase & Co. boosted its position in shares of Global Partners by 9,171.6% during the third quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock valued at $3,281,000 after buying an additional 69,704 shares during the last quarter. NBW Capital LLC purchased a new stake in Global Partners in the 4th quarter valued at $2,431,000. Finally, ING Groep NV bought a new position in Global Partners during the 4th quarter valued at $1,536,000. Institutional investors own 38.12% of the company’s stock.

Global Partners Stock Performance

Shares of GLP opened at $48.94 on Tuesday. The stock has a 50 day moving average of $53.64 and a 200 day moving average of $51.59. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 14.79 and a beta of 1.16. Global Partners LP has a 12 month low of $37.00 and a 12 month 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 business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 10th were issued a $0.74 dividend. This is an increase from Global Partners’s previous quarterly dividend of $0.73. This represents a $2.96 dividend on an annualized basis and a dividend yield of 6.05%. The ex-dividend date was Monday, February 10th. Global Partners’s payout ratio is 122.31%.

Analyst Ratings Changes

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

Insider Activity at Global Partners

In other Global Partners news, COO Mark Romaine sold 2,195 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $54.06, for a total transaction of $118,661.70. Following the completion of the transaction, the chief operating officer now directly owns 156,198 shares of the company’s stock, valued at approximately $8,444,063.88. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 41.50% of the stock is owned by company insiders.

Global Partners Company 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.