FY2024 EPS Estimate for Global Industrial Reduced by Analyst

Global Industrial (NYSE:GIC) – Investment analysts at William Blair reduced their FY2024 earnings per share (EPS) estimates for Global Industrial in a research note issued on Tuesday, October 29th. William Blair analyst R. Merkel now anticipates that the company will post earnings of $1.63 per share for the year, down from their prior forecast of $2.01. The consensus estimate for Global Industrial’s current full-year earnings is $1.81 per share.

Global Industrial (NYSE:GIC) last released its earnings results on Tuesday, July 30th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.52. Global Industrial had a net margin of 4.92% and a return on equity of 24.93%. The company had revenue of $347.80 million for the quarter, compared to the consensus estimate of $348.84 million. During the same period in the prior year, the company posted $0.56 EPS.

Global Industrial Stock Performance

GIC opened at $26.55 on Friday. The company has a fifty day moving average price of $32.84 and a two-hundred day moving average price of $33.74. The firm has a market capitalization of $1.01 billion, a PE ratio of 15.62, a P/E/G ratio of 0.91 and a beta of 0.83. Global Industrial has a 52 week low of $25.00 and a 52 week high of $46.97.

Hedge Funds Weigh In On Global Industrial

Hedge funds have recently added to or reduced their stakes in the stock. Mawer Investment Management Ltd. increased its stake in shares of Global Industrial by 3.2% in the 1st quarter. Mawer Investment Management Ltd. now owns 2,002,426 shares of the company’s stock valued at $89,669,000 after acquiring an additional 62,777 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Global Industrial by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,022,574 shares of the company’s stock valued at $32,067,000 after purchasing an additional 6,602 shares in the last quarter. Vanguard Group Inc. increased its stake in Global Industrial by 137.3% in the first quarter. Vanguard Group Inc. now owns 717,231 shares of the company’s stock valued at $32,118,000 after purchasing an additional 414,924 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Global Industrial by 2.7% during the second quarter. Renaissance Technologies LLC now owns 345,174 shares of the company’s stock worth $10,825,000 after acquiring an additional 9,200 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Global Industrial by 79.4% in the second quarter. Millennium Management LLC now owns 126,107 shares of the company’s stock valued at $3,955,000 after acquiring an additional 55,801 shares during the period. Institutional investors and hedge funds own 31.19% of the company’s stock.

Global Industrial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Monday, November 11th will be issued a $0.25 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a yield of 3.77%. Global Industrial’s dividend payout ratio is presently 58.82%.

Global Industrial Company Profile

Global Industrial Company operates as an industrial distributor of various industrial and maintenance, repair, and operation (MRO) products in North America. It offers storage and shelving, safety and security, carts and trucks, HVAC and fans, furniture and decor, material handling, janitorial and facility maintenance, workbenches and shop desks, tools and instruments, plumbing and pumps, office and school supplies, packaging and shipping, lighting and electrical, foodservice and retail, medical and laboratory, motors and power transmission, building supplies, machining, fasteners and hardware, vehicle maintenance, and raw materials.