Citigroup Inc. Cuts Stake in Global Industrial (NYSE:GIC)

Citigroup Inc. reduced its stake in shares of Global Industrial (NYSE:GICFree Report) by 31.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,391 shares of the company’s stock after selling 1,993 shares during the period. Citigroup Inc.’s holdings in Global Industrial were worth $147,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Mawer Investment Management Ltd. boosted its stake in shares of Global Industrial by 2.7% during the 3rd quarter. Mawer Investment Management Ltd. now owns 1,967,554 shares of the company’s stock valued at $65,913,000 after buying an additional 51,028 shares during the last quarter. BlackRock Inc. grew its stake in Global Industrial by 12.5% during the 2nd quarter. BlackRock Inc. now owns 1,137,847 shares of the company’s stock valued at $31,598,000 after acquiring an additional 125,997 shares in the last quarter. FMR LLC increased its holdings in Global Industrial by 520.0% in the third quarter. FMR LLC now owns 409,721 shares of the company’s stock worth $13,726,000 after buying an additional 343,633 shares during the last quarter. Renaissance Technologies LLC boosted its position in Global Industrial by 22.9% during the first quarter. Renaissance Technologies LLC now owns 353,774 shares of the company’s stock worth $9,495,000 after purchasing an additional 65,900 shares during the period. Finally, State Street Corp increased its holdings in Global Industrial by 3.5% in the 1st quarter. State Street Corp now owns 297,818 shares of the company’s stock valued at $7,993,000 after buying an additional 10,062 shares during the period. 31.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Global Industrial

In related news, Vice Chairman Bruce Leeds sold 380,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $41.15, for a total value of $15,637,000.00. Following the sale, the insider now directly owns 139,800 shares in the company, valued at approximately $5,752,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 66.34% of the stock is currently owned by corporate insiders.

Global Industrial Stock Performance

GIC opened at $44.78 on Friday. Global Industrial has a twelve month low of $20.52 and a twelve month high of $46.97. The firm’s 50-day simple moving average is $44.03 and its 200-day simple moving average is $38.50. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.39 and a beta of 0.88.

Global Industrial (NYSE:GICGet Free Report) last released its earnings results on Thursday, February 29th. The company reported $0.40 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.40. Global Industrial had a net margin of 5.55% and a return on equity of 29.76%. The company had revenue of $320.10 million for the quarter, compared to the consensus estimate of $313.50 million. As a group, sell-side analysts anticipate that Global Industrial will post 2.03 EPS for the current fiscal year.

Global Industrial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Monday, March 11th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. This is an increase from Global Industrial’s previous quarterly dividend of $0.20. The ex-dividend date was Friday, March 8th. Global Industrial’s dividend payout ratio (DPR) is currently 54.05%.

Global Industrial Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Global Industrial (NYSE:GIC)

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