Research Analysts Issue Forecasts for Global Industrial’s Q2 2024 Earnings (NYSE:GIC)

Global Industrial (NYSE:GIC) – William Blair raised their Q2 2024 EPS estimates for shares of Global Industrial in a note issued to investors on Tuesday, April 30th. William Blair analyst R. Merkel now forecasts that the company will post earnings per share of $0.58 for the quarter, up from their previous forecast of $0.57. The consensus estimate for Global Industrial’s current full-year earnings is $2.03 per share. William Blair also issued estimates for Global Industrial’s Q3 2024 earnings at $0.68 EPS, Q4 2024 earnings at $0.41 EPS and FY2024 earnings at $2.02 EPS.

Global Industrial Stock Down 10.4 %

GIC stock opened at $34.51 on Thursday. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 1.19 and a beta of 0.92. The company’s fifty day simple moving average is $43.51 and its 200 day simple moving average is $39.96. Global Industrial has a 12-month low of $20.52 and a 12-month high of $46.97.

Global Industrial (NYSE:GIC) last issued its quarterly earnings results on Thursday, February 29th. The company reported $0.40 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.40. Global Industrial had a net margin of 5.34% and a return on equity of 28.85%. The firm had revenue of $320.10 million for the quarter, compared to the consensus estimate of $313.50 million.

Global Industrial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 13th will be issued a $0.25 dividend. The ex-dividend date is Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. Global Industrial’s payout ratio is currently 54.35%.

Insider Buying and Selling at Global Industrial

In other Global Industrial news, Vice Chairman Bruce Leeds sold 380,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $41.15, for a total value of $15,637,000.00. Following the completion of the sale, the insider now directly owns 139,800 shares in the company, valued at $5,752,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 66.34% of the company’s stock.

Institutional Investors Weigh In On Global Industrial

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Global Industrial during the third quarter worth about $102,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Global Industrial by 178.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,306 shares of the company’s stock valued at $178,000 after purchasing an additional 3,402 shares during the last quarter. Strs Ohio purchased a new stake in shares of Global Industrial in the third quarter worth approximately $616,000. Panagora Asset Management Inc. lifted its holdings in shares of Global Industrial by 43.0% in the third quarter. Panagora Asset Management Inc. now owns 51,668 shares of the company’s stock valued at $1,731,000 after purchasing an additional 15,527 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Global Industrial during the third quarter valued at approximately $543,000. Institutional investors and hedge funds own 31.19% of the company’s stock.

About Global Industrial

Global Industrial Company operates as an industrial distributor of various industrial and maintenance, repair, and operation (MRO) products in North America. It offers storage and shelving, safety and security, carts and trucks, HVAC and fans, furniture and decor, material handling, janitorial and facility maintenance, workbenches and shop desks, tools and instruments, plumbing and pumps, office and school supplies, packaging and shipping, lighting and electrical, foodservice and retail, medical and laboratory, motors and power transmission, building supplies, machining, fasteners and hardware, vehicle maintenance, and raw materials.