Global Industrial (NYSE:GIC) Upgraded to Hold at Zacks Research

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

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

Global Industrial Trading Down 0.7%

Global Industrial stock opened at $29.79 on Monday. The company has a fifty day simple moving average of $29.12 and a 200-day simple moving average of $31.60. The stock has a market cap of $1.15 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 1.02 and a beta of 0.93. Global Industrial has a 12-month low of $20.79 and a 12-month high of $38.79.

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

Global Industrial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Monday, November 10th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, November 10th. Global Industrial’s dividend payout ratio (DPR) is 59.43%.

Institutional Investors Weigh In On Global Industrial

Several hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas raised its position in Global Industrial by 3.8% during the 2nd quarter. Teacher Retirement System of Texas now owns 13,938 shares of the company’s stock worth $376,000 after buying an additional 511 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Global Industrial by 6.5% in the third quarter. GSA Capital Partners LLP now owns 9,410 shares of the company’s stock valued at $345,000 after buying an additional 574 shares in the last quarter. Meritage Portfolio Management grew its holdings in Global Industrial by 0.8% during the third quarter. Meritage Portfolio Management now owns 79,424 shares of the company’s stock worth $2,912,000 after acquiring an additional 649 shares during the period. Rhumbline Advisers raised its position in Global Industrial by 3.2% in the third quarter. Rhumbline Advisers now owns 21,207 shares of the company’s stock worth $778,000 after acquiring an additional 666 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Global Industrial by 16.3% in the second quarter. Russell Investments Group Ltd. now owns 7,972 shares of the company’s stock worth $215,000 after acquiring an additional 1,120 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.