Global Industrial (NYSE:GIC) Cut to “Buy” at 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 issued on Sunday.

A number of other brokerages also recently issued reports on GIC. Zacks Research downgraded shares of Global Industrial from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Global Industrial in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

Global Industrial Price Performance

Shares of NYSE:GIC opened at $29.96 on Friday. The company has a market capitalization of $1.15 billion, a P/E ratio of 17.12, a P/E/G ratio of 1.01 and a beta of 0.93. The business’s 50 day simple moving average is $29.58 and its 200 day simple moving average is $31.49. Global Industrial has a 1 year low of $20.79 and a 1 year high of $38.79.

Global Industrial (NYSE:GIC) last released its earnings results on Tuesday, October 28th. The company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.10). Global Industrial had a net margin of 5.11% and a return on equity of 22.85%. The company had revenue of $353.60 million for the quarter, compared to the consensus estimate of $357.00 million. On average, sell-side analysts anticipate that Global Industrial will post 1.59 EPS for the current fiscal year.

Global Industrial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Monday, November 10th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. Global Industrial’s payout ratio is 59.43%.

Hedge Funds Weigh In On Global Industrial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. bought a new stake in shares of Global Industrial during the third quarter worth $6,985,000. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Global Industrial by 82.0% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 401,534 shares of the company’s stock valued at $8,994,000 after acquiring an additional 180,870 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Global Industrial during the 1st quarter valued at $3,427,000. Algert Global LLC bought a new stake in Global Industrial during the 3rd quarter worth $5,329,000. Finally, Nuveen LLC acquired a new position in Global Industrial in the 1st quarter worth about $1,802,000. Institutional investors 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.