Cascade Investment Group Inc. Has $2.42 Million Position in Global Partners LP (NYSE:GLP)

Cascade Investment Group Inc. trimmed its position in Global Partners LP (NYSE:GLP) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,035 shares of the energy company’s stock after selling 1,300 shares during the quarter. Global Partners makes up 1.8% of Cascade Investment Group Inc.’s holdings, making the stock its 11th largest position. Cascade Investment Group Inc. owned about 0.15% of Global Partners worth $2,423,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in Global Partners in the 2nd quarter valued at $41,000. Spinnaker Trust acquired a new position in shares of Global Partners in the second quarter valued at about $203,000. Albert D Mason Inc. increased its position in Global Partners by 6.6% during the second quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after acquiring an additional 300 shares during the period. Virtu Financial LLC acquired a new stake in Global Partners in the 4th quarter worth about $206,000. Finally, SVB Wealth LLC acquired a new stake in shares of Global Partners in the first quarter valued at approximately $374,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Stifel Nicolaus lifted their price objective on Global Partners from $50.00 to $51.00 and gave the company a “buy” rating in a report on Friday, August 9th.

Insiders Place Their Bets

In related news, insider Global Gp Llc acquired 1,300 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $40.49 per share, with a total value of $52,637.00. Following the completion of the purchase, the insider now directly owns 194,281 shares in the company, valued at $7,866,437.69. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders have purchased 43,226 shares of company stock valued at $1,872,989. 41.50% of the stock is currently owned by company insiders.

Global Partners Stock Down 1.8 %

Shares of GLP opened at $47.15 on Wednesday. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 17.53 and a beta of 1.38. Global Partners LP has a 52 week low of $29.21 and a 52 week high of $50.85. The company has a debt-to-equity ratio of 2.52, a quick ratio of 0.62 and a current ratio of 1.10. The stock has a fifty day moving average of $43.71 and a 200-day moving average of $44.51.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.50 by ($0.40). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $5.51 billion. Global Partners had a return on equity of 19.21% and a net margin of 0.71%. As a group, sell-side analysts anticipate that Global Partners LP will post 3.19 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 6.11%. This is an increase from Global Partners’s previous quarterly dividend of $0.71. The ex-dividend date was Thursday, August 8th. Global Partners’s dividend payout ratio is presently 107.06%.

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.