HighTower Advisors LLC Sells 2,225 Shares of Global Partners LP (NYSE:GLP)

HighTower Advisors LLC reduced its stake in shares of Global Partners LP (NYSE:GLP) by 13.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,344 shares of the energy company’s stock after selling 2,225 shares during the quarter. HighTower Advisors LLC’s holdings in Global Partners were worth $668,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GLP. Exchange Traded Concepts LLC lifted its holdings in Global Partners by 2.2% during the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after acquiring an additional 725 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Global Partners during the second quarter worth about $41,000. Capital Performance Advisors LLP bought a new position in shares of Global Partners during the 3rd quarter valued at about $93,000. Spinnaker Trust acquired a new position in shares of Global Partners in the 2nd quarter valued at approximately $203,000. Finally, Stratos Wealth Advisors LLC bought a new stake in Global Partners during the 3rd quarter worth approximately $225,000. 38.12% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus lifted their price target on shares of Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

Global Partners Price Performance

Shares of NYSE GLP opened at $47.04 on Friday. The company has a fifty day moving average price of $50.28 and a 200 day moving average price of $46.09. The firm has a market cap of $1.60 billion, a PE ratio of 14.21 and a beta of 1.43. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41. Global Partners LP has a 1-year low of $37.00 and a 1-year high of $58.76.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were given a dividend of $0.73 per share. This is a boost from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 6.21%. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s dividend payout ratio is currently 88.22%.

About Global Partners

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.