Meritage Portfolio Management Takes $2.13 Million Position in Global Industrial Company $GIC

Meritage Portfolio Management acquired a new stake in shares of Global Industrial Company (NYSE:GIC) in the second quarter, HoldingsChannel.com reports. The fund acquired 78,775 shares of the company’s stock, valued at approximately $2,128,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Quantbot Technologies LP boosted its stake in shares of Global Industrial by 25.8% during the first quarter. Quantbot Technologies LP now owns 4,548 shares of the company’s stock valued at $102,000 after purchasing an additional 934 shares during the period. CWM LLC raised its holdings in shares of Global Industrial by 187.7% during the first quarter. CWM LLC now owns 1,614 shares of the company’s stock valued at $36,000 after acquiring an additional 1,053 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Global Industrial by 3.6% during the first quarter. Hsbc Holdings PLC now owns 33,871 shares of the company’s stock valued at $764,000 after acquiring an additional 1,191 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Global Industrial by 1,600.0% during the first quarter. GAMMA Investing LLC now owns 2,397 shares of the company’s stock valued at $54,000 after acquiring an additional 2,256 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Global Industrial by 16.4% during the first quarter. Jane Street Group LLC now owns 17,806 shares of the company’s stock valued at $399,000 after acquiring an additional 2,512 shares in the last quarter. Hedge funds and other institutional investors own 31.19% of the company’s stock.

Global Industrial Trading Down 1.5%

GIC opened at $34.13 on Monday. The stock has a fifty day simple moving average of $36.22 and a two-hundred day simple moving average of $29.46. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 19.96, a price-to-earnings-growth ratio of 1.09 and a beta of 0.87. Global Industrial Company has a 12-month low of $20.79 and a 12-month high of $38.79.

Global Industrial (NYSE:GIC) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.15. Global Industrial had a return on equity of 22.89% and a net margin of 5.00%.The firm had revenue of $358.90 million during the quarter, compared to the consensus estimate of $351.81 million. On average, analysts predict that Global Industrial Company will post 1.59 EPS for the current year.

Global Industrial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 11th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 3.0%. Global Industrial’s dividend payout ratio (DPR) is presently 60.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Zacks Research downgraded Global Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Global Industrial in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Global Industrial has a consensus rating of “Hold”.

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.