Global Industrial (NYSE:GIC) Sets New 12-Month High – Here’s What Happened

Global Industrial Company (NYSE:GIC)’s stock price reached a new 52-week high during trading on Wednesday. The stock traded as high as $44.74 and last traded at $44.8580, with a volume of 97,811 shares. The stock had previously closed at $44.12.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GIC shares. Wall Street Zen cut Global Industrial from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 17th. Weiss Ratings lowered Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 25th. Finally, Freedom Broker started coverage on Global Industrial in a research report on Wednesday, October 14th. They issued a “hold” rating and a $39.00 price target for the company. Three research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $39.00.

Global Industrial Price Performance

The business has a 50-day moving average of $41.14 and a 200-day moving average of $35.86. The company has a market capitalization of $1.70 billion, a P/E ratio of 19.90, a P/E/G ratio of 1.50 and a beta of 0.77.

Global Industrial (NYSE:GIC) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54. Global Industrial had a net margin of 6.06% and a return on equity of 21.49%. The company had revenue of $386.60 million for the quarter, compared to analyst estimates of $377.40 million. Sell-side analysts predict that Global Industrial Company will post 1.87 EPS for the current fiscal year.

Global Industrial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were issued a dividend of $0.28 per share. The ex-dividend date was Monday, August 17th. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. Global Industrial’s payout ratio is presently 50.00%.

Insiders Place Their Bets

In other news, VP Thomas Axmacher sold 1,848 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $38.60, for a total value of $71,332.80. Following the transaction, the vice president directly owned 7,366 shares in the company, valued at approximately $284,327.60. This represents a 20.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Claudia Hughes sold 4,753 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president directly owned 32,167 shares in the company, valued at $1,279,603.26. This represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 9,287 shares of company stock valued at $363,904. 64.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Global Industrial

Several large investors have recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new stake in Global Industrial in the second quarter valued at about $10,510,000. Walleye Capital LLC acquired a new stake in Global Industrial in the 2nd quarter worth approximately $1,923,000. Bank of America Corp DE purchased a new stake in Global Industrial during the 2nd quarter worth approximately $3,367,000. Grandeur Peak Global Advisors LLC purchased a new stake in Global Industrial during the 2nd quarter worth approximately $1,408,000. Finally, Edgestream Partners L.P. acquired a new position in Global Industrial during the 1st quarter valued at approximately $2,920,000. Institutional investors own 31.19% of the company’s stock.

About Global Industrial

Global Industrial Company (NYSE:GIC) is a distributor of industrial, commercial and business products serving organizations across North America. The company sells products through its e-commerce platforms, catalogs and sales representatives, serving businesses, government agencies, educational institutions and other commercial customers.

Its product offerings include material-handling and storage equipment, shelving, cabinets, workbenches, safety supplies, janitorial and sanitation products, packaging materials, tools, lighting, HVAC equipment, office furniture and other facility-maintenance products.