Hsbc Holdings PLC Invests $2.76 Million in Global Industrial Company $GIC

Hsbc Holdings PLC purchased a new position in shares of Global Industrial Company (NYSE:GIC) during the second quarter, HoldingsChannel reports. The institutional investor purchased 81,296 shares of the company’s stock, valued at approximately $2,757,000.

Other large investors have also modified their holdings of the company. Los Angeles Capital Management LLC increased its position in shares of Global Industrial by 0.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 61,392 shares of the company’s stock worth $1,732,000 after acquiring an additional 323 shares in the last quarter. Swiss National Bank grew its stake in Global Industrial by 1.9% in the fourth quarter. Swiss National Bank now owns 37,800 shares of the company’s stock worth $1,105,000 after purchasing an additional 700 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Global Industrial by 4.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,146 shares of the company’s stock worth $706,000 after purchasing an additional 1,038 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Global Industrial by 16.3% during the second quarter. Russell Investments Group Ltd. now owns 7,972 shares of the company’s stock valued at $215,000 after purchasing an additional 1,120 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Global Industrial by 2.3% during the second quarter. Bank of America Corp DE now owns 51,366 shares of the company’s stock worth $1,387,000 after acquiring an additional 1,137 shares during the last quarter. 31.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Thomas Axmacher sold 1,848 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $38.60, for a total value of $71,332.80. Following the transaction, the vice president directly owned 7,366 shares in the company, valued at $284,327.60. This represents a 20.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 64.51% of the company’s stock.

Global Industrial Stock Down 0.0%

Shares of GIC opened at $39.59 on Monday. Global Industrial Company has a 12-month low of $26.40 and a 12-month high of $40.71. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 1.32 and a beta of 0.75. The stock’s 50-day moving average price is $36.04 and its 200 day moving average price is $33.12.

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, 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 the consensus estimate of $377.40 million. Equities research analysts expect that Global Industrial Company will post 1.87 EPS for the current year.

Global Industrial Dividend Announcement

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

Analyst Upgrades and Downgrades

GIC has been the topic of several research analyst reports. Weiss Ratings raised shares of Global Industrial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

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.