Global Industrial (NYSE:GIC) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of Global Industrial (NYSE:GIC) from a buy rating to a strong-buy rating in a research note released on Monday.

Several other research firms have also weighed in on GIC. Weiss Ratings reissued a “hold (c)” rating on shares of Global Industrial in a research note on Wednesday, October 8th. Zacks Research downgraded shares of Global Industrial from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce”.

Global Industrial Stock Performance

Shares of GIC stock opened at $30.01 on Monday. The firm’s 50 day moving average price is $29.22 and its two-hundred day moving average price is $31.57. Global Industrial has a 52-week low of $20.79 and a 52-week high of $38.79. The stock has a market cap of $1.16 billion, a PE ratio of 17.15, a PEG ratio of 1.02 and a beta of 0.93.

Global Industrial (NYSE:GIC) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.10). Global Industrial had a net margin of 5.11% and a return on equity of 22.85%. The company had revenue of $353.60 million during the quarter, compared to analyst estimates of $357.00 million. As a group, sell-side analysts predict that Global Industrial will post 1.59 earnings per share for the current fiscal year.

Global Industrial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Monday, November 10th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, November 10th. This represents a $1.04 dividend on an annualized basis and a yield of 3.5%. Global Industrial’s payout ratio is presently 59.43%.

Institutional Investors Weigh In On Global Industrial

A number of hedge funds and other institutional investors have recently made changes to their positions in GIC. Vanguard Group Inc. boosted its stake in Global Industrial by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 822,006 shares of the company’s stock worth $30,143,000 after purchasing an additional 17,194 shares during the period. Geode Capital Management LLC raised its stake in shares of Global Industrial by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 332,297 shares of the company’s stock valued at $8,977,000 after purchasing an additional 10,095 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Global Industrial by 0.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 308,639 shares of the company’s stock valued at $8,336,000 after purchasing an additional 2,083 shares during the period. Millennium Management LLC lifted its holdings in shares of Global Industrial by 6.3% in the third quarter. Millennium Management LLC now owns 227,039 shares of the company’s stock valued at $8,326,000 after purchasing an additional 13,378 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Global Industrial during the third quarter worth about $6,985,000. 31.19% of the stock is currently owned by institutional investors and hedge funds.

About Global Industrial

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.