Global Industrial (NYSE:GIC) Shares Gap Up Following Earnings Beat

Global Industrial Company (NYSE:GIC)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $27.11, but opened at $29.46. Global Industrial shares last traded at $32.34, with a volume of 56,170 shares traded.

The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.50 by $0.15. Global Industrial had a return on equity of 23.34% and a net margin of 5.00%. The firm had revenue of $358.90 million during the quarter, compared to analysts’ expectations of $351.81 million.

Global Industrial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 11th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 3.02%. Global Industrial’s dividend payout ratio (DPR) is presently 65.82%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GIC. J. Goldman & Co LP lifted its position in shares of Global Industrial by 559.7% in the fourth quarter. J. Goldman & Co LP now owns 494,650 shares of the company’s stock valued at $12,262,000 after buying an additional 419,672 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Global Industrial by 82.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 401,534 shares of the company’s stock valued at $8,994,000 after buying an additional 180,870 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Global Industrial by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 319,056 shares of the company’s stock valued at $7,912,000 after buying an additional 2,973 shares during the last quarter. GW&K Investment Management LLC lifted its position in shares of Global Industrial by 2.3% in the first quarter. GW&K Investment Management LLC now owns 311,688 shares of the company’s stock valued at $6,982,000 after buying an additional 7,007 shares during the last quarter. Finally, Denali Advisors LLC lifted its position in shares of Global Industrial by 54.5% in the first quarter. Denali Advisors LLC now owns 165,779 shares of the company’s stock valued at $3,713,000 after buying an additional 58,479 shares during the last quarter. 31.19% of the stock is owned by institutional investors and hedge funds.

Global Industrial Price Performance

The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.01 and a beta of 0.80. The stock has a 50-day moving average price of $27.29 and a 200-day moving average price of $25.02.

About Global Industrial

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.