Zacks Research Upgrades Global Industrial (NYSE:GIC) to “Hold”

Global Industrial (NYSE:GIC) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other equities analysts have also recently commented on GIC. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research note on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Global Industrial in a report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Global Industrial has an average rating of “Hold”.

Global Industrial Price Performance

Shares of Global Industrial stock opened at $29.79 on Monday. Global Industrial has a 1-year low of $20.79 and a 1-year high of $38.79. The company has a market capitalization of $1.15 billion, a PE ratio of 17.02, a P/E/G ratio of 1.02 and a beta of 0.93. The business has a 50-day moving average of $29.12 and a 200-day moving average of $31.60.

Global Industrial (NYSE:GIC) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 EPS 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 business had revenue of $353.60 million during the quarter, compared to analysts’ expectations of $357.00 million. On average, equities analysts expect that Global Industrial will post 1.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Global Industrial

Several institutional investors and hedge funds have recently made changes to their positions in the company. State of Alaska Department of Revenue acquired a new position in Global Industrial in the third quarter worth $79,000. State of Wyoming acquired a new stake in shares of Global Industrial during the second quarter worth $117,000. CWM LLC lifted its position in shares of Global Industrial by 185.2% in the 2nd quarter. CWM LLC now owns 4,603 shares of the company’s stock worth $124,000 after buying an additional 2,989 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of Global Industrial during the 3rd quarter valued at about $208,000. Finally, Quantbot Technologies LP raised its position in shares of Global Industrial by 242.0% during the 3rd quarter. Quantbot Technologies LP now owns 5,958 shares of the company’s stock worth $218,000 after purchasing an additional 4,216 shares during the period. 31.19% of the stock is owned by institutional investors and hedge funds.

About Global Industrial

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.