Jones Financial Companies Lllp Boosts Stock Position in Global Partners LP $GLP

Key Points

• Jones Financial Companies Lllp has drastically increased its stake in Global Partners LP by 56,296.0%, acquiring a total of 28,198 shares valued at approximately $1,505,000.
• Global Partners recently declared a quarterly dividend of $0.75, representing a dividend yield of 5.7%, with a high payout ratio of 115.38%.
• Zacks Research upgraded Global Partners to a "strong-buy" rating, contributing to a consensus price target of $56.00 for the stock.

Jones Financial Companies Lllp raised its position in shares of Global Partners LP (NYSE:GLP - Free Report) by 56,296.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,198 shares of the energy company's stock after acquiring an additional 28,148 shares during the period. Jones Financial Companies Lllp owned approximately 0.08% of Global Partners worth $1,505,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Alps Advisors Inc. grew its holdings in shares of Global Partners by 12.8% during the 1st quarter. Alps Advisors Inc. now owns 5,584,745 shares of the energy company's stock worth $298,114,000 after purchasing an additional 635,126 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Global Partners by 14.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,849,454 shares of the energy company's stock worth $98,724,000 after buying an additional 240,342 shares in the last quarter. Pallas Capital Advisors LLC increased its holdings in Global Partners by 8.1% in the 1st quarter. Pallas Capital Advisors LLC now owns 1,601,904 shares of the energy company's stock valued at $85,510,000 after buying an additional 119,924 shares during the period. NBW Capital LLC raised its position in shares of Global Partners by 50.5% in the 1st quarter. NBW Capital LLC now owns 78,613 shares of the energy company's stock valued at $4,196,000 after buying an additional 26,388 shares in the last quarter. Finally, Focus Partners Wealth bought a new stake in shares of Global Partners during the 4th quarter worth approximately $1,029,000. Institutional investors own 38.12% of the company's stock.

Analysts Set New Price Targets

Separately, Zacks Research raised Global Partners to a "strong-buy" rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Global Partners presently has an average rating of "Buy" and a consensus target price of $56.00.

Global Partners Trading Down 0.5%

NYSE:GLP traded down $0.23 during trading hours on Thursday, hitting $50.87. 62,512 shares of the company were exchanged, compared to its average volume of 80,050. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 19.57 and a beta of 0.96. Global Partners LP has a one year low of $43.20 and a one year high of $60.00. The company has a fifty day simple moving average of $51.48 and a 200 day simple moving average of $51.84. The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74.

Global Partners (NYSE:GLP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The energy company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.05). The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $5.98 billion. Global Partners had a net margin of 0.64% and a return on equity of 17.95%. Sell-side analysts expect 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 was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 5.9%. The ex-dividend date was Friday, August 8th. This is an increase from Global Partners's previous quarterly dividend of $0.75. Global Partners's dividend payout ratio (DPR) is 115.38%.

Insider Activity at Global Partners

In other Global Partners news, COO Mark Romaine sold 9,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $51.44, for a total transaction of $462,960.00. Following the completion of the transaction, the chief operating officer directly owned 130,531 shares of the company's stock, valued at approximately $6,714,514.64. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 36,000 shares of company stock valued at $1,860,601. Insiders own 41.50% of the company's stock.

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.