Insider Selling: Global Partners (NYSE:GLP) COO Sells 3,376 Shares of Stock

Global Partners LP (NYSE:GLP) COO Mark Romaine sold 3,376 shares of Global Partners stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $47.00, for a total transaction of $158,672.00. Following the transaction, the chief operating officer directly owned 159,109 shares of the company’s stock, valued at approximately $7,478,123. This trade represents a 2.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Mark Romaine also recently made the following trade(s):

• On Wednesday, March 18th, Mark Romaine sold 4,735 shares of Global Partners stock. The stock was sold at an average price of $47.76, for a total transaction of $226,143.60.
• On Tuesday, March 17th, Mark Romaine sold 7,500 shares of Global Partners stock. The stock was sold at an average price of $47.39, for a total transaction of $355,425.00.
• On Tuesday, March 10th, Mark Romaine sold 252 shares of Global Partners stock. The shares were sold at an average price of $48.50, for a total transaction of $12,222.00.
• On Monday, March 9th, Mark Romaine sold 2,500 shares of Global Partners stock. The shares were sold at an average price of $48.00, for a total transaction of $120,000.00.

Global Partners Stock Up 0.2%

Shares of GLP traded up $0.09 during mid-day trading on Wednesday, reaching $47.56. The company had a trading volume of 33,612 shares, compared to its average volume of 43,850. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.63 and a current ratio of 1.14. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 22.54 and a beta of 1.00. The firm has a 50-day moving average price of $46.62 and a 200 day moving average price of $45.97. Global Partners LP has a 52 week low of $39.58 and a 52 week high of $56.59.

Global Partners (NYSE:GLP) last posted its quarterly earnings data on Friday, February 27th. The energy company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.06). The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $6.94 billion. Global Partners had a net margin of 0.53% and a return on equity of 15.99%. On average, sell-side analysts forecast 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 Friday, February 13th. Stockholders of record on Monday, February 9th were paid a $0.76 dividend. This is an increase from Global Partners’s previous quarterly dividend of $0.76. This represents a $3.04 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend was Monday, February 9th. Global Partners’s payout ratio is currently 144.08%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Stifel Nicolaus lifted their price target on Global Partners from $45.00 to $46.00 and gave the stock a “hold” rating in a research report on Monday, March 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Global Partners in a research report on Monday, December 29th. Wall Street Zen raised shares of Global Partners from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Finally, Zacks Research upgraded shares of Global Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Global Partners presently has a consensus rating of “Hold” and a consensus target price of $46.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. McMillan Office Inc. bought a new position in shares of Global Partners during the fourth quarter valued at $29,000. Garton & Associates Financial Advisors LLC bought a new stake in Global Partners in the 4th quarter worth about $29,000. International Assets Investment Management LLC purchased a new position in Global Partners in the 4th quarter worth about $41,000. PNC Financial Services Group Inc. purchased a new position in Global Partners in the 3rd quarter worth about $48,000. Finally, Smartleaf Asset Management LLC bought a new position in Global Partners during the 4th quarter valued at about $85,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.