Iridian Asset Management LLC CT Sells 15,460 Shares of CrossAmerica Partners LP (CAPL)
Iridian Asset Management LLC CT cut its position in CrossAmerica Partners LP (NYSE:CAPL) by 9.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 144,221 shares of the oil and gas company’s stock after selling 15,460 shares during the period. Iridian Asset Management LLC CT owned approximately 0.43% of CrossAmerica Partners worth $3,678,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Wells Fargo & Company MN raised its stake in CrossAmerica Partners by 2.3% in the first quarter. Wells Fargo & Company MN now owns 18,635 shares of the oil and gas company’s stock worth $488,000 after buying an additional 412 shares during the period. Stephens Inc. AR raised its stake in CrossAmerica Partners by 8.2% in the first quarter. Stephens Inc. AR now owns 8,994 shares of the oil and gas company’s stock worth $235,000 after buying an additional 685 shares during the period. Mutual of America Capital Management LLC raised its stake in CrossAmerica Partners by 0.8% in the first quarter. Mutual of America Capital Management LLC now owns 101,901 shares of the oil and gas company’s stock worth $2,668,000 after buying an additional 760 shares during the period. Credit Suisse AG raised its stake in CrossAmerica Partners by 6.8% in the first quarter. Credit Suisse AG now owns 23,954 shares of the oil and gas company’s stock worth $628,000 after buying an additional 1,523 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in CrossAmerica Partners by 3.6% in the second quarter. Janney Montgomery Scott LLC now owns 61,634 shares of the oil and gas company’s stock worth $1,572,000 after buying an additional 2,113 shares during the period. 37.10% of the stock is owned by institutional investors and hedge funds.
CrossAmerica Partners LP (NYSE:CAPL) opened at 26.62 on Friday. The company’s market capitalization is $901.35 million. The firm has a 50-day moving average price of $26.84 and a 200-day moving average price of $25.68. CrossAmerica Partners LP has a 12 month low of $23.26 and a 12 month high of $29.80.
CrossAmerica Partners (NYSE:CAPL) last issued its earnings results on Monday, August 7th. The oil and gas company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $528.79 million during the quarter, compared to analysts’ expectations of $596.92 million. CrossAmerica Partners had a return on equity of 4.11% and a net margin of 0.06%. On average, equities analysts anticipate that CrossAmerica Partners LP will post ($0.02) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were issued a $0.6225 dividend. This represents a $2.49 dividend on an annualized basis and a yield of 9.39%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a positive change from CrossAmerica Partners’s previous quarterly dividend of $0.51. CrossAmerica Partners’s dividend payout ratio (DPR) is -8,297.23%.
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CAPL has been the topic of a number of research analyst reports. Zacks Investment Research upgraded CrossAmerica Partners from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Thursday, May 11th. Bank of America Corporation lowered CrossAmerica Partners from a “buy” rating to a “neutral” rating and increased their price target for the stock from $28.00 to $30.00 in a research report on Wednesday, July 26th. BidaskClub upgraded CrossAmerica Partners from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Finally, Raymond James Financial, Inc. increased their price target on CrossAmerica Partners from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $30.00.
In other news, Director Joseph V. Jr. Topper purchased 2,363 shares of the business’s stock in a transaction on Monday, August 21st. The shares were acquired at an average price of $26.26 per share, with a total value of $62,052.38. Following the acquisition, the director now directly owns 163,544 shares in the company, valued at $4,294,665.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jeremy Bergeron purchased 1,500 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average cost of $26.03 per share, for a total transaction of $39,045.00. Following the acquisition, the insider now owns 11,061 shares in the company, valued at $287,917.83. The disclosure for this purchase can be found here. In the last three months, insiders acquired 57,565 shares of company stock worth $1,497,709.
CrossAmerica Partners Company Profile
CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The wholesale segment is engaged in the wholesale distribution of motor fuel to lessee dealers, independent dealers, commission agents, Dunne Manning Stores LLC (DMS), CST Brands, Inc and subsidiaries (CST) and company operated retail sites.
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