Global Industrial (NYSE:GIC) Stock Price Up 1.3% – Here’s Why

Global Industrial Company (NYSE:GIC) was up 1.3% during trading on Thursday . The stock traded as high as $30.62 and last traded at $30.3860. Approximately 209,586 shares changed hands during trading, an increase of 71% from the average daily volume of 122,461 shares. The stock had previously closed at $30.00.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GIC shares. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Global Industrial in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded Global Industrial from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Global Industrial Price Performance

The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 0.94 and a beta of 0.90. The stock’s 50 day simple moving average is $31.64 and its 200-day simple moving average is $31.84.

Global Industrial (NYSE:GIC) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.35 by $0.03. Global Industrial had a net margin of 5.23% and a return on equity of 23.56%. The company had revenue of $345.60 million for the quarter, compared to analyst estimates of $324.86 million. As a group, equities research analysts anticipate that Global Industrial Company will post 1.59 earnings per share for the current fiscal year.

Global Industrial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 9th were given a $0.28 dividend. This is an increase from Global Industrial’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, March 9th. Global Industrial’s payout ratio is presently 60.22%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Global Industrial by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 822,006 shares of the company’s stock valued at $30,143,000 after acquiring an additional 17,194 shares in the last quarter. Geode Capital Management LLC boosted its position in Global Industrial by 3.1% during the second quarter. Geode Capital Management LLC now owns 332,297 shares of the company’s stock worth $8,977,000 after purchasing an additional 10,095 shares during the period. Bank of New York Mellon Corp grew its holdings in Global Industrial by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 308,639 shares of the company’s stock valued at $8,336,000 after purchasing an additional 2,083 shares during the last quarter. J. Goldman & Co LP raised its position in shares of Global Industrial by 9.4% in the fourth quarter. J. Goldman & Co LP now owns 307,757 shares of the company’s stock valued at $8,993,000 after purchasing an additional 26,365 shares during the period. Finally, Millennium Management LLC raised its position in shares of Global Industrial by 7.6% in the fourth quarter. Millennium Management LLC now owns 244,233 shares of the company’s stock valued at $7,136,000 after purchasing an additional 17,194 shares during the period. Institutional investors and hedge funds own 31.19% of the company’s stock.

Global Industrial Company Profile

Global Industrial Company (NYSE: GIC) is a leading business-to-business distributor of industrial products and equipment. Headquartered in Port Washington, New York, the company provides a comprehensive range of products to support manufacturing, warehousing, and facility maintenance operations across North America. Through a digital-first platform, Global Industrial combines e-commerce, direct sales and catalog-based ordering channels to serve a diverse commercial customer base.

The company’s product portfolio encompasses material handling solutions (including conveyors, pallet racks and hoists), storage and shelving systems, janitorial and sanitation supplies, packaging and shipping materials, and office furniture.