HighTower Advisors LLC Sells 2,225 Shares of Global Partners LP (NYSE:GLP)

HighTower Advisors LLC decreased its position in Global Partners LP (NYSE:GLP) by 13.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 14,344 shares of the energy company’s stock after selling 2,225 shares during the quarter. HighTower Advisors LLC’s holdings in Global Partners were worth $668,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in GLP. Infrastructure Capital Advisors LLC raised its position in Global Partners by 57.7% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after purchasing an additional 51,630 shares during the last quarter. Fiducient Advisors LLC acquired a new stake in shares of Global Partners in the third quarter valued at $474,000. Stratos Wealth Advisors LLC bought a new position in shares of Global Partners in the third quarter valued at about $225,000. Spinnaker Trust acquired a new position in Global Partners during the 2nd quarter worth about $203,000. Finally, Capital Performance Advisors LLP bought a new stake in Global Partners during the 3rd quarter worth about $93,000. Institutional investors own 38.12% of the company’s stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus boosted their target price on shares of Global Partners from $51.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

Global Partners Stock Up 1.1 %

NYSE:GLP opened at $47.04 on Friday. The stock’s fifty day moving average price is $50.28 and its two-hundred day moving average price is $46.09. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 14.21 and a beta of 1.43. Global Partners LP has a 52-week low of $37.00 and a 52-week high of $58.76. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 8th were issued a $0.73 dividend. This is a boost from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. This represents a $2.92 annualized dividend and a yield of 6.21%. Global Partners’s dividend payout ratio (DPR) is currently 88.22%.

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.