Meritage Portfolio Management Raises Stock Holdings in Global Industrial Company $GIC

Meritage Portfolio Management boosted its position in Global Industrial Company (NYSE:GIC) by 34.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,047 shares of the company’s stock after purchasing an additional 27,623 shares during the quarter. Meritage Portfolio Management owned approximately 0.28% of Global Industrial worth $3,128,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in shares of Global Industrial during the 3rd quarter valued at $79,000. State of Wyoming bought a new position in shares of Global Industrial in the 2nd quarter worth about $117,000. Arizona State Retirement System purchased a new position in Global Industrial during the 3rd quarter valued at about $208,000. Russell Investments Group Ltd. lifted its position in Global Industrial by 16.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,972 shares of the company’s stock valued at $215,000 after acquiring an additional 1,120 shares during the period. Finally, Quantbot Technologies LP boosted its stake in Global Industrial by 242.0% during the third quarter. Quantbot Technologies LP now owns 5,958 shares of the company’s stock worth $218,000 after acquiring an additional 4,216 shares in the last quarter. Hedge funds and other institutional investors own 31.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Global Industrial in a report on Thursday, January 22nd. Zacks Research upgraded shares of Global Industrial from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Global Industrial presently has a consensus rating of “Hold”.

Global Industrial Price Performance

GIC opened at $33.57 on Wednesday. The firm has a market cap of $1.28 billion, a PE ratio of 18.05, a P/E/G ratio of 1.05 and a beta of 0.86. The stock has a 50-day moving average price of $32.02 and a 200-day moving average price of $31.00. Global Industrial Company has a 1 year low of $21.01 and a 1 year high of $38.79.

Global Industrial (NYSE:GIC) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.35 by $0.03. The company had revenue of $345.60 million for the quarter, compared to the consensus estimate of $324.86 million. Global Industrial had a net margin of 5.23% and a return on equity of 23.56%. As a group, sell-side analysts anticipate that Global Industrial Company will post 2 EPS for the current year.

Global Industrial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 9th were issued a dividend of $0.28 per share. The ex-dividend date was Monday, March 9th. This is a positive change from Global Industrial’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.3%. Global Industrial’s dividend payout ratio is currently 60.22%.

Global Industrial Profile

Global Industrial Company (NYSE: GIC) is a leading business-to-business distributor of industrial products and equipment. Headquartered in Port Washington, New York, the company provides a comprehensive range of products to support manufacturing, warehousing, and facility maintenance operations across North America. Through a digital-first platform, Global Industrial combines e-commerce, direct sales and catalog-based ordering channels to serve a diverse commercial customer base.

The company’s product portfolio encompasses material handling solutions (including conveyors, pallet racks and hoists), storage and shelving systems, janitorial and sanitation supplies, packaging and shipping materials, and office furniture.