Global Industrial (NYSE:GIC) Releases Quarterly Earnings Results, Hits Expectations

Global Industrial (NYSE:GIC) announced its earnings results on Tuesday. The company reported $0.54 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.54, FiscalAI reports. Global Industrial had a net margin of 5.33% and a return on equity of 23.53%. The firm had revenue of $386.60 million for the quarter, compared to analyst estimates of $377.40 million.

Global Industrial Stock Performance

Shares of Global Industrial stock traded up $0.81 during trading on Tuesday, hitting $37.24. The company’s stock had a trading volume of 151,174 shares, compared to its average volume of 105,024. Global Industrial has a 52 week low of $26.40 and a 52 week high of $38.79. The company has a market capitalization of $1.42 billion, a PE ratio of 19.29, a P/E/G ratio of 1.18 and a beta of 0.75. The company has a fifty day simple moving average of $33.02 and a two-hundred day simple moving average of $32.08.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Global Industrial from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 16th. Wall Street Zen cut Global Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Institutional Investors Weigh In On Global Industrial

A number of hedge funds and other institutional investors have recently bought and sold shares of GIC. AQR Capital Management LLC grew its stake in shares of Global Industrial by 37.4% in the 1st quarter. AQR Capital Management LLC now owns 61,993 shares of the company’s stock worth $1,389,000 after buying an additional 16,880 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Global Industrial by 66.3% during the first quarter. Goldman Sachs Group Inc. now owns 143,162 shares of the company’s stock valued at $3,207,000 after buying an additional 57,056 shares during the last quarter. Jane Street Group LLC boosted its holdings in Global Industrial by 16.4% in the first quarter. Jane Street Group LLC now owns 17,806 shares of the company’s stock worth $399,000 after acquiring an additional 2,512 shares in the last quarter. Franklin Resources Inc. bought a new stake in Global Industrial in the second quarter worth $231,000. Finally, American Century Companies Inc. grew its stake in shares of Global Industrial by 7.8% in the second quarter. American Century Companies Inc. now owns 38,952 shares of the company’s stock worth $1,052,000 after acquiring an additional 2,804 shares during the last quarter. Hedge funds and other 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.