Global Industrial (NYSE:GIC) Rating Lowered to “Buy” at Wall Street Zen

Global Industrial (NYSE:GIC) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Tuesday, Wall Street Zen reports.

Several other research analysts have also issued reports on the stock. Freedom Broker assumed coverage on shares of Global Industrial in a research note on Wednesday, October 14th. They issued a “hold” rating and a $39.00 price target for the company. Weiss Ratings cut shares of Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 25th. Three investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $39.00.

Global Industrial Stock Down 0.4%

Shares of GIC stock opened at $47.12 on Tuesday. The business’s fifty day moving average is $42.88 and its 200 day moving average is $35.55. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 1.53 and a beta of 0.75. Global Industrial has a twelve month low of $26.40 and a twelve month high of $51.63.

Insiders Place Their Bets

In other news, VP Thomas Axmacher sold 648 shares of the firm’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $47.40, for a total transaction of $30,715.20. Following the completion of the transaction, the vice president directly owned 3,291 shares in the company, valued at $155,993.40. This trade represents a 16.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Claudia Hughes sold 4,753 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $39.78, for a total value of $189,074.34. Following the transaction, the senior vice president owned 32,167 shares of the company’s stock, valued at $1,279,603.26. The trade was a 12.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 12,208 shares of company stock worth $523,404. Insiders own 64.51% of the company’s stock.

Institutional Trading of Global Industrial

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Global Industrial during the 2nd quarter valued at about $53,365,000. Advisors Asset Management Inc. bought a new position in shares of Global Industrial in the third quarter worth approximately $15,778,000. Bank of New York Mellon Corp bought a new position in shares of Global Industrial in the second quarter worth approximately $10,510,000. Edgestream Partners L.P. purchased a new stake in shares of Global Industrial during the third quarter valued at approximately $5,503,000. Finally, Bank of America Corp DE purchased a new stake in shares of Global Industrial during the second quarter valued at approximately $3,367,000. 31.19% of the stock is owned by hedge funds and other institutional investors.

Global Industrial Company Profile

Global Industrial Company is a distributor of industrial and commercial products, serving businesses, government organizations and other institutions. The company sells through its e-commerce platform and sales teams, with operations focused on the United States and Canada. Its broad product range includes material-handling and storage equipment, tools, safety supplies, furniture, janitorial products, packaging materials and maintenance, repair and operations supplies. Products are offered under the Global Industrial brand as well as through third-party manufacturers.