Global Industrial (NYSE:GIC) SVP Sells $92,600.00 in Stock

Global Industrial Company (NYSE:GIC) SVP Manoj Shetty sold 2,000 shares of Global Industrial stock in a transaction on Monday, November 9th. The shares were sold at an average price of $46.30, for a total transaction of $92,600.00. Following the completion of the sale, the senior vice president owned 33,757 shares in the company, valued at $1,562,949.10. The trade was a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Global Industrial Price Performance

NYSE:GIC traded down $0.21 on Thursday, hitting $46.94. 173,790 shares of the company’s stock were exchanged, compared to its average volume of 120,145. The firm has a 50-day moving average price of $42.88 and a 200-day moving average price of $35.55. Global Industrial Company has a 52 week low of $26.40 and a 52 week high of $51.63. The company has a market cap of $1.79 billion, a P/E ratio of 19.56, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75.

Global Industrial Announces Dividend

The business also recently announced a special dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 16th will be issued a dividend of $1.00 per share. The ex-dividend date is Monday, November 16th. Global Industrial’s dividend payout ratio is presently 46.67%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP lifted its stake in Global Industrial by 15.5% in the 3rd quarter. First Trust Advisors LP now owns 62,482 shares of the company’s stock valued at $2,620,000 after purchasing an additional 8,365 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in Global Industrial in the third quarter valued at approximately $15,778,000. Ieq Capital LLC bought a new stake in Global Industrial in the third quarter valued at approximately $396,000. Edgestream Partners L.P. acquired a new stake in shares of Global Industrial in the third quarter valued at approximately $5,503,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Global Industrial by 92.9% in the third quarter. Russell Investments Group Ltd. now owns 28,202 shares of the company’s stock valued at $1,184,000 after buying an additional 13,581 shares during the last quarter. Institutional investors own 31.19% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on GIC. Freedom Broker started coverage on Global Industrial in a research report on Wednesday, October 14th. They set a “hold” rating and a $39.00 price target 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. Finally, Wall Street Zen cut Global Industrial from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Three investment analysts have rated the stock with a Hold rating. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $39.00.

About Global Industrial

Global Industrial Company is a distributor of industrial and commercial products, serving businesses, government organizations and other institutions. The company sells through its e-commerce platform and sales teams, with operations focused on the United States and Canada. Its broad product range includes material-handling and storage equipment, tools, safety supplies, furniture, janitorial products, packaging materials and maintenance, repair and operations supplies. Products are offered under the Global Industrial brand as well as through third-party manufacturers.