JPMorgan Chase & Co. cut its stake in CrossAmerica Partners LP (NYSE:CAPL) by 22.8% during the second quarter, Holdings Channel reports. The fund owned 251,361 shares of the company’s stock after selling 74,240 shares during the period. JPMorgan Chase & Co. owned about 0.76% of CrossAmerica Partners worth $6,163,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the company. ING Groep NV bought a new stake in CrossAmerica Partners during the first quarter valued at approximately $1,197,000. State Street Corp increased its stake in CrossAmerica Partners by 3.9% in the first quarter. State Street Corp now owns 16,036 shares of the company’s stock valued at $390,000 after buying an additional 600 shares during the period. Goldman Sachs Group Inc. increased its stake in CrossAmerica Partners by 1.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,625,874 shares of the company’s stock valued at $39,558,000 after buying an additional 20,525 shares during the period. Harvest Fund Advisors LLC increased its stake in CrossAmerica Partners by 11.9% in the first quarter. Harvest Fund Advisors LLC now owns 3,039,506 shares of the company’s stock valued at $73,951,000 after buying an additional 323,235 shares during the period. Finally, Mountain Lake Investment Management LLC increased its stake in CrossAmerica Partners by 2.0% in the first quarter. Mountain Lake Investment Management LLC now owns 575,000 shares of the company’s stock valued at $13,990,000 after buying an additional 11,500 shares during the period. 35.86% of the stock is currently owned by institutional investors.
CrossAmerica Partners LP (NYSE:CAPL) traded down 0.54% during midday trading on Tuesday, hitting $25.61. The stock had a trading volume of 7,106 shares. CrossAmerica Partners LP has a 12-month low of $17.39 and a 12-month high of $27.69. The firm has a 50-day moving average of $25.85 and a 200-day moving average of $24.37. The company has a market cap of $855.43 million, a PE ratio of 49.63 and a beta of 1.39.
CrossAmerica Partners (NYSE:CAPL) last announced its quarterly earnings results on Friday, August 5th. The company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.05. CrossAmerica Partners had a net margin of 0.94% and a return on equity of 7.16%. The business earned $512.60 million during the quarter, compared to analysts’ expectations of $650.10 million. Equities research analysts forecast that CrossAmerica Partners LP will post $0.33 EPS for the current year.
Several equities research analysts have commented on the company. Robert W. Baird dropped their target price on CrossAmerica Partners from $36.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, August 23rd. Bank of America Corp. started coverage on CrossAmerica Partners in a report on Wednesday, September 7th. They set a “buy” rating and a $27.00 price target on the stock. FBR & Co started coverage on CrossAmerica Partners in a report on Friday, September 9th. They set an “outperform” rating and a $35.00 price target on the stock. Zacks Investment Research raised CrossAmerica Partners from a “sell” rating to a “hold” rating in a report on Tuesday, August 16th. Finally, Janney Montgomery Scott reaffirmed a “buy” rating and set a $27.00 price target on shares of CrossAmerica Partners in a report on Thursday, June 23rd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $28.14.
In other CrossAmerica Partners news, Director Joseph V. Jr. Topper purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was purchased at an average price of $25.97 per share, for a total transaction of $649,250.00. Following the purchase, the director now directly owns 159,334 shares in the company, valued at $4,137,903.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph V. Jr. Topper purchased 15,000 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was acquired at an average price of $25.92 per share, with a total value of $388,800.00. Following the purchase, the director now owns 159,334 shares in the company, valued at $4,129,937.28. The disclosure for this purchase can be found here.
About CrossAmerica Partners
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 Company’s sites are located in Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire, Maine, Florida, Maryland, Delaware, Tennessee, Virginia, Illinois, Indiana and West Virginia.
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