Global Industrial (NYSE:GIC) Sets New 12-Month High – Time to Buy?

Global Industrial Company (NYSE:GIC) shares hit a new 52-week high on Monday . The company traded as high as $41.83 and last traded at $40.53, with a volume of 1834 shares changing hands. The stock had previously closed at $40.38.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GIC. Weiss Ratings upgraded Global Industrial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. Wall Street Zen raised Global Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy”.

Global Industrial Stock Performance

The firm’s 50 day simple moving average is $37.88 and its 200 day simple moving average is $33.88. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 1.35 and a beta of 0.77.

Global Industrial (NYSE:GIC) last released 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 firm had revenue of $386.60 million for the quarter, compared to analyst estimates of $377.40 million. As a group, sell-side analysts forecast that Global Industrial Company will post 1.87 earnings per share for the current year.

Global Industrial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 17th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, August 17th. Global Industrial’s dividend payout ratio is presently 50.00%.

Insider Activity

In other Global Industrial news, VP Thomas Axmacher sold 952 shares of Global Industrial stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $39.10, for a total transaction of $37,223.20. Following the completion of the transaction, the vice president owned 6,414 shares in the company, valued at approximately $250,787.40. This trade represents a 12.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Claudia Hughes sold 4,753 shares of Global Industrial stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $39.78, for a total value of $189,074.34. Following the transaction, the senior vice president owned 32,167 shares of the company’s stock, valued at $1,279,603.26. The trade was a 12.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,287 shares of company stock worth $363,904 over the last ninety days. 64.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Global Industrial

Several large investors have recently made changes to their positions in the company. Edgestream Partners L.P. purchased a new stake in shares of Global Industrial during the 1st quarter worth about $2,920,000. BlackRock Inc. purchased a new position in shares of Global Industrial in the 2nd quarter valued at about $53,365,000. Walleye Capital LLC purchased a new position in shares of Global Industrial in the 2nd quarter valued at about $1,923,000. J. Goldman & Co LP acquired a new position in Global Industrial in the 2nd quarter worth about $2,057,000. Finally, Bank of New York Mellon Corp acquired a new position in Global Industrial in the 2nd quarter worth about $10,510,000. 31.19% of the stock is currently owned by institutional investors and hedge funds.

Global Industrial Company Profile

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

Its product range includes material-handling equipment, storage and shelving systems, safety supplies, janitorial and facility-maintenance products, packaging materials, office furniture, HVAC equipment, workbenches, tools and other industrial supplies.