Clearbridge Investments LLC Cuts Stock Holdings in Suburban Propane Partners, L.P. (NYSE:SPH)

Clearbridge Investments LLC decreased its position in Suburban Propane Partners, L.P. (NYSE:SPH) by 50.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,827 shares of the energy company’s stock after selling 228,700 shares during the quarter. Clearbridge Investments LLC owned approximately 0.36% of Suburban Propane Partners worth $4,345,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blackstone Inc. grew its position in Suburban Propane Partners by 27.1% in the 4th quarter. Blackstone Inc. now owns 328,281 shares of the energy company’s stock worth $5,830,000 after purchasing an additional 70,000 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Suburban Propane Partners by 1.3% in the first quarter. Janney Montgomery Scott LLC now owns 47,810 shares of the energy company’s stock valued at $977,000 after acquiring an additional 624 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Suburban Propane Partners during the first quarter valued at approximately $295,000. Virtu Financial LLC lifted its holdings in Suburban Propane Partners by 132.1% during the fourth quarter. Virtu Financial LLC now owns 34,196 shares of the energy company’s stock worth $607,000 after acquiring an additional 19,461 shares during the period. Finally, Commonwealth Equity Services LLC boosted its position in Suburban Propane Partners by 33.7% in the second quarter. Commonwealth Equity Services LLC now owns 199,405 shares of the energy company’s stock worth $3,787,000 after purchasing an additional 50,212 shares during the last quarter. Hedge funds and other institutional investors own 30.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SPH shares. StockNews.com lowered Suburban Propane Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Argus increased their price target on shares of Suburban Propane Partners from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, Wells Fargo & Company lowered shares of Suburban Propane Partners from an “equal weight” rating to an “underweight” rating and set a $17.00 price objective on the stock. in a research report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Suburban Propane Partners currently has a consensus rating of “Hold” and a consensus target price of $19.67.

Insider Buying and Selling

In other Suburban Propane Partners news, Director Harold R. Logan, Jr. sold 2,500 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $17.37, for a total transaction of $43,425.00. Following the sale, the director now owns 37,015 shares of the company’s stock, valued at $642,950.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.

Suburban Propane Partners Stock Performance

Shares of SPH opened at $18.07 on Friday. Suburban Propane Partners, L.P. has a 1 year low of $15.20 and a 1 year high of $22.33. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.65 and a quick ratio of 0.45. The stock’s fifty day moving average price is $17.71 and its two-hundred day moving average price is $18.92. The firm has a market cap of $1.16 billion, a PE ratio of 10.69 and a beta of 0.44.

Suburban Propane Partners (NYSE:SPH) last announced its quarterly earnings data on Thursday, August 8th. The energy company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.10). The firm had revenue of $254.61 million during the quarter. Suburban Propane Partners had a net margin of 7.28% and a return on equity of 16.69%.

Suburban Propane Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 13th. Investors of record on Tuesday, August 6th were paid a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 7.19%. The ex-dividend date was Tuesday, August 6th. Suburban Propane Partners’s payout ratio is currently 76.92%.

Suburban Propane Partners Profile

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. The company operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.