Global Industrial (NYSE:GIC) Upgraded 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 released on Monday,Wall Street Zen reports.

Several other brokerages have also recently weighed in on GIC. Freedom Broker initiated 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 cut Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 25th. Three investment 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 an average target price of $39.00.

Global Industrial Stock Up 7.8%

Shares of NYSE:GIC opened at $47.59 on Monday. The stock has a market cap of $1.81 billion, a PE ratio of 19.83, a PEG ratio of 1.47 and a beta of 0.75. The company’s fifty day moving average is $42.12 and its 200 day moving average is $35.16. Global Industrial has a 52 week low of $26.40 and a 52 week high of $51.63.

Global Industrial (NYSE:GIC) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.54 earnings per share for the quarter, hitting the consensus estimate of $0.54. The business had revenue of $386.60 million during the quarter, compared to the consensus estimate of $377.40 million. Global Industrial had a net margin of 6.31% and a return on equity of 22.62%. Sell-side analysts anticipate that Global Industrial will post 1.87 EPS for the current year.

Global Industrial Dividend Announcement

The company also recently announced a special dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 16th will be given a $1.00 dividend. The ex-dividend date of this dividend is Monday, November 16th. Global Industrial’s dividend payout ratio is currently 50.00%.

Insider Activity at Global Industrial

In related news, SVP Claudia Hughes sold 4,753 shares of Global Industrial stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $39.78, for a total transaction of $189,074.34. Following the sale, the senior vice president directly owned 32,167 shares in the company, valued at $1,279,603.26. The trade was a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Thomas Axmacher sold 952 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $39.10, for a total value of $37,223.20. Following the completion of the sale, the vice president directly owned 6,414 shares in the company, valued at approximately $250,787.40. The trade was a 12.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,439 shares of company stock valued at $292,571 in the last three months. Corporate insiders own 64.51% of the company’s stock.

Hedge Funds Weigh In On Global Industrial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Global Industrial during the 2nd quarter valued at about $53,365,000. Dimensional Fund Advisors LP boosted its stake in Global Industrial by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 893,325 shares of the company’s stock worth $28,155,000 after acquiring an additional 8,901 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Global Industrial during the second quarter worth about $10,510,000. Hillsdale Investment Management Inc. grew its holdings in Global Industrial by 4.5% in the first quarter. Hillsdale Investment Management Inc. now owns 199,091 shares of the company’s stock worth $6,275,000 after purchasing an additional 8,600 shares during the period. Finally, Algert Global LLC grew its holdings in Global Industrial by 4.8% in the second quarter. Algert Global LLC now owns 141,594 shares of the company’s stock worth $4,738,000 after purchasing an additional 6,530 shares during the period. Hedge funds and other institutional investors own 31.19% of the company’s stock.

More Global Industrial News

Here are the key news stories impacting Global Industrial this week:

• Positive Sentiment: GIC reported third-quarter adjusted earnings of $0.64 per share, above the roughly $0.55 analyst consensus, and revenue of $389.5 million versus estimates of about $385 million. Earnings also increased from $0.48 per share a year earlier. Q3 earnings and revenue beat estimates
• Positive Sentiment: The company announced a $1-per-share special cash dividend, payable November 23 to shareholders of record November 16. The payout may increase near-term investor interest, though it is a one-time distribution. Dividend announcement
• Positive Sentiment: Management’s earnings-call discussion pointed to profit momentum supported by industry-vertical focus and digital gains, offering potential support for continued growth. Earnings call highlights
• Neutral Sentiment: GIC expects fourth-quarter gross margin to be around last year’s 34.5%. That outlook suggests stability, although management noted transportation costs as a headwind. Q4 gross-margin outlook

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.