Global Industrial (NYSE:GIC) Cut to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Global Industrial from “strong buy” to “buy.” Other recent ratings include a hold, and analysts’ consensus is “hold” with a $39 price target.
• Shares opened at $46.34, above the consensus price target; the stock’s 12-month range is $26.40 to $51.63.
• Company insiders sold 13,160 shares worth about $560,627 over the past three months. Insiders own 64.51% of the company.

Global Industrial (NYSE:GIC - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Tuesday, Wall Street Zen reports.

GIC has been the topic of several other reports. Weiss Ratings cut Global Industrial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, September 25th. Freedom Broker initiated coverage on Global Industrial in a research report on Wednesday, October 14th. They set a "hold" rating and a $39.00 price target for the company. Three investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, Global Industrial presently has a consensus rating of "Hold" and a consensus target price of $39.00.

Global Industrial Trading Down 0.1%

GIC stock opened at $46.34 on Tuesday. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 1.59 and a beta of 0.75. The firm's 50-day moving average price is $42.54 and its two-hundred day moving average price is $35.39. Global Industrial has a 12-month low of $26.40 and a 12-month high of $51.63.

Insiders Place Their Bets

In other Global Industrial news, VP Thomas Axmacher sold 3,759 shares of the company's stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $46.78, for a total value of $175,846.02. Following the completion of the transaction, the vice president directly owned 5,253 shares in the company, valued at approximately $245,735.34. This represents a 41.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Claudia Hughes sold 4,753 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $39.78, for a total transaction of $189,074.34. Following the completion of the transaction, the senior vice president owned 32,167 shares of the company's stock, valued at $1,279,603.26. This trade represents a 12.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,160 shares of company stock worth $560,627. Insiders own 64.51% of the company's stock.

Institutional Trading of Global Industrial

Several institutional investors and hedge funds have recently bought and sold shares of GIC. BlackRock Inc. purchased a new position in shares of Global Industrial during the 2nd quarter worth approximately $53,365,000. Dimensional Fund Advisors LP lifted its stake in shares of Global Industrial by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 893,325 shares of the company's stock valued at $28,155,000 after purchasing an additional 8,901 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Global Industrial in the 2nd quarter valued at approximately $10,510,000. Hillsdale Investment Management Inc. boosted its position in shares of Global Industrial by 4.5% during the first quarter. Hillsdale Investment Management Inc. now owns 199,091 shares of the company's stock valued at $6,275,000 after purchasing an additional 8,600 shares in the last quarter. Finally, Algert Global LLC boosted its position in shares of Global Industrial by 4.8% during the second quarter. Algert Global LLC now owns 141,594 shares of the company's stock valued at $4,738,000 after purchasing an additional 6,530 shares in the last quarter. 31.19% of the stock is currently owned by hedge funds and other institutional investors.

About Global Industrial

Global Industrial Company is a distributor of industrial and commercial products, serving businesses, government organizations and other institutions. The company sells through its e-commerce platform and sales teams, with operations focused on the United States and Canada.

Its broad product range includes material-handling and storage equipment, tools, safety supplies, furniture, janitorial products, packaging materials and maintenance, repair and operations supplies. Products are offered under the Global Industrial brand as well as through third-party manufacturers.

The business traces its history to 1949 and was previously known as Systemax Inc before adopting the Global Industrial Company name in 2021.

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