Marcum Wealth LLC Takes Position in Global Partners LP (NYSE:GLP)

Marcum Wealth LLC bought a new stake in Global Partners LP (NYSE:GLP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,664 shares of the energy company's stock, valued at approximately $356,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SVB Wealth LLC acquired a new stake in shares of Global Partners in the fourth quarter valued at about $330,000. JPMorgan Chase & Co. increased its position in shares of Global Partners by 53.8% in the fourth quarter. JPMorgan Chase & Co. now owns 108,357 shares of the energy company's stock valued at $5,044,000 after acquiring an additional 37,893 shares during the last quarter. ING Groep NV acquired a new position in shares of Global Partners during the 4th quarter worth approximately $1,536,000. Raymond James Financial Inc. acquired a new position in shares of Global Partners during the 4th quarter worth approximately $6,510,000. Finally, Proficio Capital Partners LLC increased its position in shares of Global Partners by 4,555.0% during the 4th quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company's stock worth $270,863,000 after purchasing an additional 5,693,750 shares during the last quarter. Institutional investors and hedge funds own 38.12% of the company's stock.

Insiders Place Their Bets

In related news, COO Mark Romaine sold 2,195 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $54.06, for a total transaction of $118,661.70. Following the transaction, the chief operating officer now directly owns 156,198 shares of the company's stock, valued at approximately $8,444,063.88. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 41.50% of the company's stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lowered Global Partners from a "buy" rating to a "hold" rating and boosted their price target for the stock from $54.00 to $56.00 in a research report on Tuesday, March 4th.

Global Partners Stock Up 0.3%

GLP traded up $0.16 during trading on Friday, reaching $52.73. 52,735 shares of the stock were exchanged, compared to its average volume of 73,279. The stock has a market cap of $1.79 billion, a P/E ratio of 15.93 and a beta of 1.02. Global Partners LP has a twelve month low of $37.00 and a twelve month high of $60.00. The stock's 50 day moving average price is $50.46 and its two-hundred day moving average price is $52.18. 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 (NYSE:GLP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The energy company reported $0.36 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.39. The company had revenue of $4.59 billion for the quarter, compared to analyst estimates of $5.64 billion. Global Partners had a net margin of 0.82% and a return on equity of 22.07%. Equities analysts expect that Global Partners LP will post 2.13 EPS for the current year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Friday, May 9th were given a dividend of $0.745 per share. This represents a $2.98 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend was Friday, May 9th. This is an increase from Global Partners's previous quarterly dividend of $0.74. Global Partners's payout ratio is 94.60%.

Global Partners Company 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.