MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $98.72 Million Stake in Global Partners LP $GLP

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 holdings in Global Partners LP (NYSE:GLP - Free Report) by 14.9% during the first quarter, according to the company in its most recent Form 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 about 5.44% of Global Partners worth $98,724,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. US Bancorp DE boosted its stake in Global Partners by 42.9% in the first quarter. US Bancorp DE now owns 2,037 shares of the energy company's stock worth $109,000 after purchasing an additional 612 shares in the last quarter. Inspire Advisors LLC acquired a new position in Global Partners in the first quarter worth $216,000. Silverberg Bernstein Capital Management LLC acquired a new position in Global Partners in the first quarter worth $222,000. Marcum Wealth LLC acquired a new position in Global Partners in the first quarter worth $356,000. Finally, HighTower Advisors LLC boosted its stake in Global Partners by 22.3% in the first quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company's stock worth $808,000 after purchasing an additional 2,760 shares in the last quarter. Institutional investors and hedge funds own 38.12% of the company's stock.

Insiders Place Their Bets

In other Global Partners news, COO Mark Romaine sold 9,000 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $50.38, for a total value of $453,420.00. Following the transaction, the chief operating officer owned 139,531 shares of the company's stock, valued at approximately $7,029,571.78. This represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 27,000 shares of company stock valued at $1,397,641 over the last quarter. Corporate insiders own 41.50% of the company's stock.

Global Partners Trading Up 0.7%

Shares of GLP traded up $0.35 during trading hours on Tuesday, hitting $52.40. 59,406 shares of the stock traded hands, compared to its average volume of 66,819. 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 LP has a 1-year low of $41.64 and a 1-year high of $60.00. The firm has a market capitalization of $1.78 billion, a PE ratio of 20.15 and a beta of 0.96. The business has a fifty day moving average of $51.61 and a 200-day moving average of $52.11.

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

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 8th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Global Partners's previous quarterly dividend of $0.75. This represents a $3.00 annualized dividend and a yield of 5.7%. Global Partners's payout ratio is currently 115.38%.

Analyst Ratings Changes

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

Global Partners 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.