Global Partners LP $GLP Holdings Raised by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Global Partners LP by 14.9%, acquiring an additional 240,342 shares to hold approximately 5.44% of the company, valued at about $98.7 million.
• Despite recent institutional investments, Global Partners reported Q2 earnings of $0.55 per share, which fell short of the estimated $0.60, and revenue of $4.63 billion, below the expected $5.98 billion.
• Global Partners announced a quarterly dividend of $0.75 per share, indicating a strong yield of 5.9%, but with a high dividend payout ratio of 115.38%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Global Partners LP (NYSE:GLP - Free Report) by 14.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,849,454 shares of the energy company's stock after purchasing an additional 240,342 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 5.44% of Global Partners worth $98,724,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. NBW Capital LLC raised its stake 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 purchasing an additional 26,388 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in 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 worth $1,667,000 after purchasing an additional 259 shares during the last quarter. Focus Partners Wealth bought a new position in Global Partners in the 4th quarter worth about $1,029,000. US Bancorp DE grew its position in Global Partners by 42.9% in the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company's stock worth $109,000 after purchasing an additional 612 shares during the last quarter. Finally, Alps Advisors Inc. grew its position in Global Partners by 12.8% in 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 during the last quarter. Institutional investors and hedge funds own 38.12% of the company's stock.

Insider Activity at Global Partners

In related news, COO Mark Romaine sold 9,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $50.38, for a total value of $453,420.00. Following the completion of the sale, the chief operating officer owned 139,531 shares in the company, valued at approximately $7,029,571.78. This represents a 6.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 27,000 shares of company stock valued at $1,397,641. 41.50% of the stock is currently owned by corporate insiders.

Global Partners Price Performance

NYSE:GLP traded down $0.08 during trading hours on Thursday, reaching $52.04. 18,876 shares of the company's stock were exchanged, compared to its average volume of 66,518. The company has a market capitalization of $1.77 billion, a P/E ratio of 19.95 and a beta of 0.96. Global Partners LP has a 12 month low of $42.12 and a 12 month high of $60.00. The company has a quick ratio of 0.70, a current ratio of 1.18 and a debt-to-equity ratio of 2.74. The business's 50-day simple moving average is $51.60 and its two-hundred day simple moving average is $52.11.

Global Partners (NYSE:GLP - Get Free Report) last issued its 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). The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $5.98 billion. Global Partners had a return on equity of 17.95% and a net margin of 0.64%. Sell-side analysts expect that Global Partners LP will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 8th were given a $0.75 dividend. This is a boost from Global Partners's previous quarterly dividend of $0.75. The ex-dividend date was Friday, August 8th. This represents a $3.00 annualized dividend and a dividend yield of 5.8%. Global Partners's payout ratio is currently 115.38%.

Analyst Upgrades and Downgrades

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

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.