Moors & Cabot Inc. Trims Stock Holdings in Global Partners LP (NYSE:GLP)

Moors & Cabot Inc. cut its holdings in shares of Global Partners LP (NYSE:GLP) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,575 shares of the energy company’s stock after selling 300 shares during the period. Moors & Cabot Inc. owned 0.08% of Global Partners worth $1,167,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Spinnaker Trust acquired a new position in Global Partners in the second quarter valued at $203,000. International Assets Investment Management LLC acquired a new position in Global Partners in the 2nd quarter valued at about $41,000. Albert D Mason Inc. increased its position in Global Partners by 6.6% in the 2nd quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock valued at $222,000 after acquiring an additional 300 shares during the period. Granite Bay Wealth Management LLC raised its stake in Global Partners by 6,200.0% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after acquiring an additional 310,000 shares during the last quarter. Finally, Gilman Hill Asset Management LLC lifted its position in Global Partners by 17.8% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock worth $1,436,000 after acquiring an additional 4,760 shares during the period. 38.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus upped their price target on Global Partners from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, August 9th.

Global Partners Trading Down 1.1 %

Shares of Global Partners stock opened at $43.51 on Thursday. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 16.17 and a beta of 1.38. Global Partners LP has a 52-week low of $27.07 and a 52-week high of $50.85. The company’s 50-day simple moving average is $41.55 and its 200-day simple moving average is $44.53. The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52.

Global Partners (NYSE:GLP) last issued its earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.40). Global Partners had a return on equity of 19.21% and a net margin of 0.71%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $5.51 billion. As a group, equities research analysts anticipate that Global Partners LP will post 3.19 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were given a dividend of $0.72 per share. This is a positive change from Global Partners’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 6.62%. The ex-dividend date was Thursday, August 8th. Global Partners’s payout ratio is presently 107.06%.

Insider Transactions at Global Partners

In related news, insider Global Gp Llc bought 5,000 shares of the stock in a transaction on Monday, September 16th. The shares were bought at an average cost of $43.07 per share, for a total transaction of $215,350.00. Following the completion of the transaction, the insider now owns 258,981 shares of the company’s stock, valued at approximately $11,154,311.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased a total of 36,000 shares of company stock valued at $1,553,365 in the last ninety days. 41.50% of the stock is currently owned by company insiders.

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.