Global Industrial (NYSE:GIC) Research Coverage Started at Freedom Broker

Freedom Broker assumed coverage on shares of Global Industrial (NYSE:GIC) in a research note issued to investors on Wednesday morning, MarketBeat.com reports. The firm issued a hold rating and a $39.00 price objective on the stock.

GIC has been the subject of a number of other research reports. Weiss Ratings lowered shares of Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 25th. Wall Street Zen raised shares of Global Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Three investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $39.00.

Global Industrial Price Performance

Shares of NYSE:GIC opened at $44.12 on Wednesday. Global Industrial has a 1 year low of $26.40 and a 1 year high of $44.73. The firm has a market capitalization of $1.68 billion, a PE ratio of 19.70, a P/E/G ratio of 1.47 and a beta of 0.77. The business’s 50 day moving average price is $40.73 and its 200-day moving average price is $35.46.

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

Global Industrial Announces Dividend

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

Insider Transactions at Global Industrial

In related news, VP Thomas Axmacher sold 952 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $39.10, for a total value of $37,223.20. Following the completion of the sale, the vice president owned 6,414 shares of the company’s stock, valued at approximately $250,787.40. This represents a 12.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 sale, the senior vice president owned 32,167 shares of the company’s stock, valued at approximately $1,279,603.26. The trade was a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,287 shares of company stock valued at $363,904 in the last three months. 64.51% of the stock is currently owned by insiders.

Institutional Trading of Global Industrial

Hedge funds have recently made changes to their positions in the company. Tidal Investments LLC purchased a new stake in shares of Global Industrial during the 2nd quarter valued at approximately $604,000. Corient Private Wealth LP purchased a new position in Global Industrial in the second quarter worth approximately $260,000. Odyssean LLC purchased a new position in Global Industrial in the second quarter worth approximately $217,000. Grandeur Peak Global Advisors LLC grew its position in Global Industrial by 88.0% in the second quarter. Grandeur Peak Global Advisors LLC now owns 42,089 shares of the company’s stock worth $1,408,000 after acquiring an additional 19,703 shares during the period. Finally, Hsbc Holdings PLC increased its stake in Global Industrial by 6.2% during the second quarter. Hsbc Holdings PLC now owns 81,296 shares of the company’s stock worth $2,757,000 after acquiring an additional 4,775 shares during the last quarter. Hedge funds and other institutional investors own 31.19% of the company’s stock.

About Global Industrial

Global Industrial Company (NYSE:GIC) is a distributor of industrial and maintenance, repair and operations (MRO) products. The company serves businesses, government agencies and other organizations through digital commerce, direct sales and product catalogs.

Its product range includes material-handling and storage equipment, shelving, cabinets, workstations, safety supplies, janitorial and facility-maintenance products, packaging supplies, tools, HVAC equipment and office furnishings. Global Industrial offers products from its own brands as well as third-party manufacturers, with solutions designed for workplaces, warehouses, commercial facilities and industrial operations.

The company primarily serves customers in the United States and Canada.