Global Industrial (NYSE:GIC) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Global Industrial (NYSE:GIC) from a buy rating to a strong-buy rating in a report issued on Monday,Wall Street Zen reports.

GIC has been the subject of several other reports. Freedom Broker started coverage on Global Industrial in a report on Wednesday, October 14th. They set a “hold” rating and a $39.00 target price for the company. Weiss Ratings lowered Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 25th. Three equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.00.

Global Industrial Stock Up 1.4%

NYSE GIC opened at $43.99 on Monday. The company has a 50-day simple moving average of $41.87 and a two-hundred day simple moving average of $35.02. Global Industrial has a 12-month low of $26.40 and a 12-month high of $45.19. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 1.48 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 EPS for the quarter, hitting the consensus estimate of $0.54. Global Industrial had a return on equity of 21.49% and a net margin of 6.06%. The firm had revenue of $386.60 million for the quarter, compared to the consensus estimate of $377.40 million. Equities analysts expect that Global Industrial will post 1.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Thomas Axmacher sold 952 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $39.10, for a total transaction of $37,223.20. Following the transaction, the vice president directly owned 6,414 shares of the company’s stock, valued at approximately $250,787.40. The trade was a 12.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Claudia Hughes sold 4,753 shares of the company’s stock in a transaction that occurred on 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 approximately $1,279,603.26. This represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 9,287 shares of company stock worth $363,904. Corporate insiders own 64.51% of the company’s stock.

Institutional Trading of Global Industrial

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in shares of Global Industrial during the second quarter valued at about $3,367,000. Bank of New York Mellon Corp purchased a new stake in Global Industrial in the second quarter worth about $10,510,000. Walleye Capital LLC purchased a new stake in Global Industrial in the second quarter worth about $1,923,000. BlackRock Inc. purchased a new stake in Global Industrial in the second quarter worth about $53,365,000. Finally, J. Goldman & Co LP bought a new stake in Global Industrial during the 2nd quarter valued at approximately $2,057,000. Institutional investors own 31.19% of the company’s stock.

Global Industrial Company Profile

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.