Global Industrial (NYSE:GIC) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Global Industrial (NYSE:GIC) from a strong-buy rating to a buy rating in a research report released on Tuesday,Wall Street Zen reports.

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

Global Industrial Stock Performance

Shares of GIC stock opened at $46.94 on Tuesday. The stock’s 50 day simple moving average is $43.03 and its 200 day simple moving average is $35.64. Global Industrial has a twelve month low of $26.40 and a twelve month high of $51.63. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 1.53 and a beta of 0.75.

Global Industrial Announces Dividend

The firm also recently declared a special dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be given a $1.00 dividend. The ex-dividend date of this dividend is Monday, November 16th. Global Industrial’s payout ratio is currently 46.67%.

Insider Transactions at Global Industrial

In other news, SVP Manoj Shetty sold 2,000 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $46.30, for a total value of $92,600.00. Following the sale, the senior vice president owned 33,757 shares in the company, valued at approximately $1,562,949.10. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Claudia Hughes sold 4,753 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $39.78, for a total transaction of $189,074.34. Following the completion of the sale, the senior vice president owned 32,167 shares in the company, valued at approximately $1,279,603.26. The trade was a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 14,208 shares of company stock worth $616,004 over the last three months. 64.51% of the stock is currently owned by insiders.

Institutional Trading of Global Industrial

A number of hedge funds have recently bought and sold shares of the stock. Signaturefd LLC grew its position in Global Industrial by 143.3% in the 3rd quarter. Signaturefd LLC now owns 1,428 shares of the company’s stock worth $60,000 after purchasing an additional 841 shares during the last quarter. State of Wyoming increased its holdings in shares of Global Industrial by 17.2% during the 3rd quarter. State of Wyoming now owns 7,679 shares of the company’s stock worth $322,000 after purchasing an additional 1,125 shares during the period. Bard Associates Inc. acquired a new position in shares of Global Industrial during the second quarter valued at about $67,000. Quantinno Capital Management LP raised its position in shares of Global Industrial by 9.4% during the first quarter. Quantinno Capital Management LP now owns 43,329 shares of the company’s stock valued at $1,366,000 after buying an additional 3,730 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Global Industrial by 166.4% during the third quarter. Nisa Investment Advisors LLC now owns 6,639 shares of the company’s stock valued at $278,000 after buying an additional 4,147 shares during the last quarter. 31.19% of the stock is owned by institutional investors.

About Global Industrial

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.