Global Industrial (NYSE:GIC) Stock Dropped to “Buy” by Wall Street Zen

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

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

Global Industrial Stock Up 2.4%

NYSE GIC opened at $47.39 on Tuesday. Global Industrial has a 12-month low of $26.40 and a 12-month high of $51.63. The company has a market capitalization of $1.81 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 1.50 and a beta of 0.75. The firm’s 50 day moving average is $42.71 and its 200-day moving average is $35.47.

Global Industrial Dividend Announcement

The business also recently declared a special dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 16th will be given 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%.

Insider Buying and Selling

In other Global Industrial news, SVP Claudia Hughes sold 4,753 shares of the business’s stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas Axmacher sold 3,759 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $46.78, for a total value of $175,846.02. Following the sale, the vice president owned 5,253 shares in the company, valued at approximately $245,735.34. This represents a 41.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 13,160 shares of company stock valued at $560,627. Corporate insiders own 64.51% of the company’s stock.

Hedge Funds Weigh In On Global Industrial

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC raised its position in Global Industrial by 143.3% during the third quarter. Signaturefd LLC now owns 1,428 shares of the company’s stock worth $60,000 after acquiring an additional 841 shares in the last quarter. Bard Associates Inc. bought a new position in shares of Global Industrial in the 2nd quarter valued at about $67,000. Empowered Funds LLC bought a new position in shares of Global Industrial in the 2nd quarter valued at about $211,000. Odyssean LLC acquired a new position in shares of Global Industrial during the 2nd quarter worth about $217,000. Finally, State of Wyoming bought a new stake in shares of Global Industrial in the 2nd quarter valued at about $219,000. 31.19% of the stock is currently owned by institutional investors and hedge funds.

Key Global Industrial News

Here are the key news stories impacting Global Industrial this week:

• Positive Sentiment: Global Industrial declared a $1.00-per-share special dividend, payable November 23 to shareholders of record November 16. The payout may attract income-focused investors and provide support for sentiment. Global Industrial company and dividend information
• Neutral Sentiment: Wall Street Zen lowered its rating from “strong buy” to “buy”—a less bullish view, but not a sell recommendation. The article provides no new price target. Wall Street Zen rating report
• Negative Sentiment: VP Thomas Axmacher sold 5,721 shares in transactions on November 5, 6 and 9, totaling about $268,056. His reported holdings fell to 3,291 shares. Insider sales can raise caution, although they do not by themselves indicate a change in the company’s prospects. SEC filing on insider transactions

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.