Global Industrial (NYSE:GIC) Stock: Insider Manoj Shetty Sells 2,000 Shares

Global Industrial Company (NYSE:GIC) SVP Manoj Shetty sold 2,000 shares of Global Industrial stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $46.30, for a total value of $92,600.00. Following the completion of the sale, the senior vice president directly owned 33,757 shares in the company, valued at $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.

Global Industrial Trading Down 0.8%

Shares of NYSE:GIC traded down $0.39 during mid-day trading on Friday, reaching $46.65. The stock had a trading volume of 115,069 shares, compared to its average volume of 165,228. The business’s 50 day moving average price is $43.18 and its 200 day moving average price is $35.72. Global Industrial Company has a 1 year low of $26.40 and a 1 year high of $51.63. The company has a market cap of $1.78 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 1.52 and a beta of 0.75.

Global Industrial Announces Dividend

The company also recently disclosed a special dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 16th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, November 16th. Global Industrial’s dividend payout ratio is 46.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GIC shares. Freedom Broker started coverage on Global Industrial in a research report on Wednesday, October 14th. They set a “hold” rating and a $39.00 target price for the company. Wall Street Zen cut shares of Global Industrial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 10th. Finally, Weiss Ratings downgraded shares of Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 25th. Three equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $39.00.

Institutional Trading of Global Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of GIC. Marshall Wace LLP purchased a new position in Global Industrial during the third quarter worth $312,000. State Board of Administration of Florida Retirement System bought a new position in Global Industrial during the third quarter valued at $850,000. Polymer Capital Management US LLC purchased a new stake in shares of Global Industrial in the third quarter valued at $229,000. First Trust Advisors LP raised its stake in shares of Global Industrial by 15.5% in the third quarter. First Trust Advisors LP now owns 62,482 shares of the company’s stock valued at $2,620,000 after acquiring an additional 8,365 shares during the period. Finally, Advisors Asset Management Inc. bought a new stake in shares of Global Industrial in the 3rd quarter worth about $15,778,000. Hedge funds and other institutional investors own 31.19% of the company’s stock.

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.