Global Industrial (NYSE:GIC) Upgraded at Zacks Research

Zacks Research upgraded shares of Global Industrial (NYSE:GIC) from a strong sell rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

Several other brokerages also recently issued reports on GIC. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Global Industrial in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold”.

Global Industrial Stock Down 1.9%

Global Industrial stock opened at $29.21 on Monday. The firm has a market capitalization of $1.12 billion, a PE ratio of 16.69, a P/E/G ratio of 1.01 and a beta of 0.93. Global Industrial has a 52 week low of $20.79 and a 52 week high of $38.79. The firm’s 50-day simple moving average is $29.01 and its 200 day simple moving average is $31.58.

Global Industrial (NYSE:GIC) last announced its earnings results on Tuesday, October 28th. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.10). Global Industrial had a return on equity of 22.85% and a net margin of 5.11%.The business had revenue of $353.60 million for the quarter, compared to analyst estimates of $357.00 million. On average, research analysts expect that Global Industrial will post 1.59 EPS for the current fiscal year.

Global Industrial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Monday, November 10th were issued a $0.26 dividend. The ex-dividend date was Monday, November 10th. This represents a $1.04 annualized dividend and a yield of 3.6%. Global Industrial’s payout ratio is 59.43%.

Institutional Investors Weigh In On Global Industrial

Several hedge funds have recently modified their holdings of GIC. Jacobs Levy Equity Management Inc. purchased a new position in shares of Global Industrial in the 1st quarter worth about $3,427,000. Cubist Systematic Strategies LLC acquired a new stake in Global Industrial during the 1st quarter worth approximately $768,000. Inspire Investing LLC purchased a new position in Global Industrial in the second quarter valued at approximately $872,000. Goldman Sachs Group Inc. raised its holdings in Global Industrial by 66.3% in the first quarter. Goldman Sachs Group Inc. now owns 143,162 shares of the company’s stock valued at $3,207,000 after buying an additional 57,056 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its position in Global Industrial by 62.3% during the second quarter. KLP Kapitalforvaltning AS now owns 18,500 shares of the company’s stock valued at $500,000 after buying an additional 7,100 shares in the last quarter. 31.19% of the stock is owned by institutional investors and hedge funds.

Global Industrial Company Profile

Global Industrial Company (NYSE: GIC) is a leading business-to-business distributor of industrial products and equipment. Headquartered in Port Washington, New York, the company provides a comprehensive range of products to support manufacturing, warehousing, and facility maintenance operations across North America. Through a digital-first platform, Global Industrial combines e-commerce, direct sales and catalog-based ordering channels to serve a diverse commercial customer base.

The company’s product portfolio encompasses material handling solutions (including conveyors, pallet racks and hoists), storage and shelving systems, janitorial and sanitation supplies, packaging and shipping materials, and office furniture.