Global Industrial (NYSE:GIC) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Global Industrial (NYSE:GIC) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday.

Separately, Weiss Ratings upgraded Global Industrial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 16th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Global Industrial Stock Performance

Shares of GIC opened at $39.34 on Friday. The stock has a fifty day moving average of $33.70 and a two-hundred day moving average of $32.28. The company has a market capitalization of $1.50 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 1.30 and a beta of 0.75. Global Industrial has a fifty-two week low of $26.40 and a fifty-two week high of $40.26.

Global Industrial (NYSE:GIC) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54. Global Industrial had a return on equity of 21.49% and a net margin of 6.06%.The company had revenue of $386.60 million for the quarter, compared to analyst estimates of $377.40 million. As a group, equities research analysts forecast that Global Industrial will post 1.88 earnings per share for the current fiscal year.

Global Industrial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.12 annualized dividend and a yield of 2.8%. Global Industrial’s dividend payout ratio is 50.00%.

Hedge Funds Weigh In On Global Industrial

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Global Industrial during the second quarter worth about $53,365,000. Bank of New York Mellon Corp purchased a new stake in shares of Global Industrial during the 2nd quarter worth about $10,510,000. Algert Global LLC purchased a new stake in shares of Global Industrial during the 3rd quarter worth about $5,329,000. Edgestream Partners L.P. acquired a new stake in Global Industrial during the 1st quarter worth approximately $2,920,000. Finally, Barclays PLC increased its position in Global Industrial by 164.7% during the 3rd quarter. Barclays PLC now owns 101,921 shares of the company’s stock worth $3,737,000 after purchasing an additional 63,414 shares in the last quarter. Institutional investors and hedge funds own 31.19% of the company’s stock.

About Global Industrial

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.