Meritage Portfolio Management Raises Holdings in Global Industrial Company $GIC

Meritage Portfolio Management grew its holdings in Global Industrial Company (NYSE:GIC) by 34.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,047 shares of the company’s stock after purchasing an additional 27,623 shares during the period. Meritage Portfolio Management’s holdings in Global Industrial were worth $3,128,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of GIC. Hillsdale Investment Management Inc. bought a new position in shares of Global Industrial during the third quarter valued at $6,985,000. Algert Global LLC purchased a new position in Global Industrial in the 3rd quarter worth about $5,329,000. Barclays PLC lifted its stake in Global Industrial by 164.7% during the 3rd quarter. Barclays PLC now owns 101,921 shares of the company’s stock valued at $3,737,000 after acquiring an additional 63,414 shares during the period. Tudor Investment Corp ET AL purchased a new stake in shares of Global Industrial during the 3rd quarter valued at about $2,284,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Global Industrial by 66.3% in the first quarter. Goldman Sachs Group Inc. now owns 143,162 shares of the company’s stock worth $3,207,000 after acquiring an additional 57,056 shares during the period. Hedge funds and other institutional investors own 31.19% of the company’s stock.

Analyst Ratings Changes

GIC has been the subject of several research reports. Wall Street Zen raised shares of Global Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 31st. Zacks Research raised shares of Global Industrial from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Global Industrial in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Global Industrial Price Performance

Global Industrial stock opened at $33.57 on Wednesday. The business has a 50-day simple moving average of $32.02 and a two-hundred day simple moving average of $31.00. The company has a market cap of $1.28 billion, a P/E ratio of 18.05, a P/E/G ratio of 1.05 and a beta of 0.86. Global Industrial Company has a 52-week low of $21.01 and a 52-week high of $38.79.

Global Industrial (NYSE:GIC) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.03. The firm had revenue of $345.60 million for the quarter, compared to analysts’ expectations of $324.86 million. Global Industrial had a net margin of 5.23% and a return on equity of 23.56%. Research analysts anticipate that Global Industrial Company will post 2 EPS for the current fiscal year.

Global Industrial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 9th were issued a dividend of $0.28 per share. This is an increase from Global Industrial’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, March 9th. Global Industrial’s dividend payout ratio is currently 60.22%.

Global Industrial 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.