Global Industrial (NYSE:GIC) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen cut shares of Global Industrial (NYSE:GIC) from a strong-buy rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also issued reports on GIC. Freedom Broker assumed coverage on shares of Global Industrial in a research note on Wednesday. They set a “hold” rating and a $39.00 price target on the stock. Weiss Ratings cut shares of Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 25th. Three equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $39.00.

Global Industrial Stock Performance

Shares of GIC stock opened at $44.12 on Friday. Global Industrial has a fifty-two week low of $26.40 and a fifty-two week high of $44.73. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 1.48 and a beta of 0.77. The stock’s 50-day simple moving average is $40.73 and its 200-day simple moving average is $35.46.

Global Industrial (NYSE:GIC) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.54 EPS for the quarter, meeting the consensus estimate of $0.54. The firm had revenue of $386.60 million during the quarter, compared to analyst estimates of $377.40 million. Global Industrial had a net margin of 6.06% and a return on equity of 21.49%. As a group, equities analysts forecast that Global Industrial will post 1.87 earnings per share for the current year.

Global Industrial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 17th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, August 17th. Global Industrial’s payout ratio is presently 50.00%.

Insider Activity

In other news, VP Thomas Axmacher sold 952 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $39.10, for a total value of $37,223.20. Following the transaction, the vice president directly owned 6,414 shares of the company’s stock, valued at approximately $250,787.40. This represents a 12.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Claudia Hughes sold 4,753 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $39.78, for a total value of $189,074.34. Following the completion of the transaction, the senior vice president owned 32,167 shares of the company’s stock, valued at approximately $1,279,603.26. The trade was a 12.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 9,287 shares of company stock worth $363,904. Company insiders own 64.51% of the company’s stock.

Institutional Investors Weigh In On Global Industrial

A number of large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in Global Industrial during the 2nd quarter worth approximately $10,510,000. Walleye Capital LLC acquired a new stake in Global Industrial during the 2nd quarter valued at approximately $1,923,000. Grandeur Peak Global Advisors LLC acquired a new stake in Global Industrial during the 2nd quarter valued at approximately $1,408,000. Edgestream Partners L.P. acquired a new stake in Global Industrial during the 1st quarter valued at approximately $2,920,000. Finally, BlackRock Inc. purchased a new stake in shares of Global Industrial in the 2nd quarter valued at $53,365,000. Hedge funds and other institutional investors own 31.19% of the company’s stock.

About Global Industrial

Global Industrial Company (NYSE:GIC) is a distributor of industrial and maintenance, repair and operations (MRO) products. The company serves businesses, government agencies and other organizations through digital commerce, direct sales and product catalogs.

Its product range includes material-handling and storage equipment, shelving, cabinets, workstations, safety supplies, janitorial and facility-maintenance products, packaging supplies, tools, HVAC equipment and office furnishings. Global Industrial offers products from its own brands as well as third-party manufacturers, with solutions designed for workplaces, warehouses, commercial facilities and industrial operations.

The company primarily serves customers in the United States and Canada.