JPMorgan Chase & Co. Raises Position in Global Partners LP (NYSE:GLP)

JPMorgan Chase & Co. lifted its position in Global Partners LP (NYSE:GLP - Free Report) by 53.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 108,357 shares of the energy company's stock after buying an additional 37,893 shares during the period. JPMorgan Chase & Co. owned about 0.32% of Global Partners worth $5,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GLP. Proficio Capital Partners LLC lifted its stake in shares of Global Partners by 4,555.0% in the fourth quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company's stock worth $270,863,000 after buying an additional 5,693,750 shares in the last quarter. Raymond James Financial Inc. bought a new position in Global Partners during the fourth quarter valued at approximately $6,510,000. NBW Capital LLC bought a new position in Global Partners during the fourth quarter valued at approximately $2,431,000. ING Groep NV bought a new position in Global Partners during the fourth quarter valued at approximately $1,536,000. Finally, BBR Partners LLC bought a new position in Global Partners during the fourth quarter valued at approximately $337,000. Institutional investors own 38.12% of the company's stock.

Insider Buying and Selling

In other Global Partners news, COO Mark Romaine sold 2,195 shares of the company'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 sale, the chief operating officer now directly owns 156,198 shares in the company, valued at $8,444,063.88. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 41.50% of the stock is owned by company insiders.

Global Partners Stock Performance

GLP stock traded down $0.63 during midday trading on Thursday, reaching $51.11. 1,985 shares of the company's stock traded hands, compared to its average volume of 78,379. Global Partners LP has a 52-week low of $37.00 and a 52-week high of $60.00. The stock has a market cap of $1.74 billion, a P/E ratio of 15.44 and a beta of 1.16. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41. The stock's 50-day moving average is $53.38 and its 200 day moving average is $51.57.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 10th were paid a $0.74 dividend. The ex-dividend date was Monday, February 10th. This is a boost from Global Partners's previous quarterly dividend of $0.73. This represents a $2.96 dividend on an annualized basis and a dividend yield of 5.79%. Global Partners's dividend payout ratio is 122.31%.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus downgraded shares of Global Partners from a "buy" rating to a "hold" rating and increased their price objective for the company from $54.00 to $56.00 in a research report on Tuesday, March 4th.

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.