Global Partners LP (NYSE:GLP) Shares Sold by ING Groep NV

Key Points

• ING Groep NV has significantly reduced its stake in Global Partners LP by 72.7%, ending the first quarter with only 9,000 shares valued at $480,000.
• Global Partners recently reported a quarterly dividend of $0.75, reflecting an annualized return of 6.0%, and an increase from the previous dividend rate.
• The company's recent earnings missed analysts' expectations, with an EPS of $0.55 against a consensus estimate of $0.60, and a significant revenue shortfall of $4.63 billion compared to estimates of $5.98 billion.

ING Groep NV trimmed its stake in shares of Global Partners LP (NYSE:GLP - Free Report) by 72.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,000 shares of the energy company's stock after selling 24,000 shares during the quarter. ING Groep NV's holdings in Global Partners were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers lifted its position in Global Partners by 1.1% in the first quarter. Cetera Investment Advisers now owns 17,692 shares of the energy company's stock valued at $944,000 after purchasing an additional 196 shares during the period. United Capital Financial Advisors LLC raised its stake in shares of Global Partners by 1.5% during the 4th quarter. United Capital Financial Advisors LLC now owns 15,464 shares of the energy company's stock worth $720,000 after buying an additional 226 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Global Partners by 0.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,230 shares of the energy company's stock valued at $1,667,000 after buying an additional 259 shares during the period. US Bancorp DE boosted its stake in shares of Global Partners by 42.9% in the first quarter. US Bancorp DE now owns 2,037 shares of the energy company's stock valued at $109,000 after buying an additional 612 shares in the last quarter. Finally, Inspire Advisors LLC purchased a new stake in shares of Global Partners in the first quarter valued at approximately $216,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

Global Partners Price Performance

NYSE:GLP traded down $0.27 during trading hours on Monday, hitting $49.95. The company's stock had a trading volume of 2,492 shares, compared to its average volume of 65,825. Global Partners LP has a 52-week low of $37.00 and a 52-week high of $60.00. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.70 and a current ratio of 1.18. The business's 50-day moving average is $52.67 and its two-hundred day moving average is $52.83. The company has a market capitalization of $1.70 billion, a PE ratio of 19.21 and a beta of 1.02.

Global Partners (NYSE:GLP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy company reported $0.55 earnings per share for the quarter, missing analysts' consensus estimates of $0.60 by ($0.05). Global Partners had a return on equity of 17.95% and a net margin of 0.64%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $5.98 billion. As a group, research analysts anticipate that Global Partners LP will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 8th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Friday, August 8th. This is a positive change from Global Partners's previous quarterly dividend of $0.75. Global Partners's payout ratio is 115.38%.

Insider Activity at Global Partners

In related news, COO Mark Romaine sold 1,881 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $51.68, for a total value of $97,210.08. Following the sale, the chief operating officer owned 148,531 shares in the company, valued at $7,676,082.08. This represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 18,000 shares of company stock worth $944,221. 41.50% of the stock is owned by insiders.

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.