Global Industrial (NYSE:GIC) Hits New 1-Year High – Here’s Why

Global Industrial Company (NYSE:GIC)’s share price reached a new 52-week high on Monday. The stock traded as high as $42.49 and last traded at $42.4250, with a volume of 185571 shares traded. The stock had previously closed at $41.50.

Analysts Set New Price Targets

GIC has been the topic of a number of research analyst reports. Weiss Ratings lowered Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

Global Industrial Price Performance

The company has a 50 day simple moving average of $38.93 and a 200-day simple moving average of $34.35. The stock has a market cap of $1.61 billion, a P/E ratio of 18.91, a price-to-earnings-growth ratio of 1.41 and a beta of 0.77.

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 for the quarter, compared to analyst estimates of $377.40 million. Global Industrial had a return on equity of 21.49% and a net margin of 6.06%. As a group, research analysts expect that Global Industrial Company will post 1.87 earnings per share for the current year.

Global Industrial Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.12 annualized dividend and a dividend yield of 2.6%. Global Industrial’s dividend payout ratio (DPR) is 50.00%.

Insider Buying and Selling

In other news, VP Thomas Axmacher sold 952 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $39.10, for a total value of $37,223.20. Following the completion of the sale, the vice president directly owned 6,414 shares in the company, valued at approximately $250,787.40. The trade was a 12.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Claudia Hughes sold 4,753 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $39.78, for a total transaction of $189,074.34. Following the completion of the sale, the senior vice president directly owned 32,167 shares of the company’s stock, valued at $1,279,603.26. This trade represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 9,287 shares of company stock valued at $363,904. Company insiders own 64.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GIC. Los Angeles Capital Management LLC boosted its stake in shares of Global Industrial by 0.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 61,392 shares of the company’s stock valued at $1,732,000 after purchasing an additional 323 shares during the period. Bard Associates Inc. purchased a new position in shares of Global Industrial in the second quarter worth $67,000. Quantinno Capital Management LP increased its stake in shares of Global Industrial by 9.4% in the first quarter. Quantinno Capital Management LP now owns 43,329 shares of the company’s stock worth $1,366,000 after buying an additional 3,730 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Global Industrial by 35.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 17,930 shares of the company’s stock valued at $565,000 after buying an additional 4,703 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in Global Industrial by 6.2% during the 2nd quarter. Hsbc Holdings PLC now owns 81,296 shares of the company’s stock valued at $2,757,000 after buying an additional 4,775 shares during the last quarter. 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, commercial and business products serving organizations across the United States and Canada. The company sells through its e-commerce platforms, catalogs and sales representatives, providing products to businesses, government agencies, educational institutions and other commercial customers.

Its product range includes material-handling equipment, storage and shelving systems, safety supplies, janitorial and facility-maintenance products, packaging materials, office furniture, HVAC equipment, workbenches, tools and other industrial supplies.