Global Industrial (NYSE:GIC) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Global Industrial from “strong buy” to “buy.” Other analysts also became more cautious, giving the stock an average “hold” rating and a $39 price target.
• Global Industrial shares opened at $44.41, near their 12-month high of $45.19. In its latest quarter, the company met earnings expectations at $0.54 per share and exceeded revenue estimates with $386.6 million.
• Company insiders sold 9,287 shares worth approximately $363,904 over the past three months, while institutional ownership stood at 31.19% and insider ownership at 64.51%.

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

A number of other equities research analysts have also recently issued reports on GIC. Weiss Ratings cut shares of Global Industrial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, September 25th. Freedom Broker started coverage on shares of 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 equities research analysts have rated the stock with a Hold rating. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $39.00.

Global Industrial Stock Down 1.1%

Global Industrial stock opened at $44.41 on Friday. The stock has a market cap of $1.69 billion, a PE ratio of 19.83, a P/E/G ratio of 1.49 and a beta of 0.77. Global Industrial has a 12-month low of $26.40 and a 12-month high of $45.19. The business's 50-day moving average price is $41.25 and its two-hundred day moving average price is $35.92.

Global Industrial (NYSE:GIC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.54 EPS for the quarter, meeting analysts' consensus estimates of $0.54. The company had revenue of $386.60 million during the quarter, compared to analyst estimates of $377.40 million. Global Industrial had a net margin of 6.06% and a return on equity of 21.49%. As a group, analysts expect that Global Industrial will post 1.87 earnings per share for the current year.

Insiders Place Their Bets

In other Global Industrial news, SVP Claudia Hughes sold 4,753 shares of the company's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $39.78, for a total transaction of $189,074.34. Following the transaction, the senior vice president owned 32,167 shares in the company, valued at approximately $1,279,603.26. This represents a 12.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas Axmacher sold 952 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $39.10, for a total value of $37,223.20. Following the transaction, the vice president directly owned 6,414 shares in the company, valued at $250,787.40. The trade was a 12.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 9,287 shares of company stock valued at $363,904. Corporate insiders own 64.51% of the company's stock.

Hedge Funds Weigh In On Global Industrial

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Global Industrial in the second quarter valued at about $53,365,000. Bank of New York Mellon Corp bought a new position in Global Industrial during the second quarter valued at $10,510,000. Bank of America Corp DE bought a new position in shares of Global Industrial in the 2nd quarter valued at about $3,367,000. Edgestream Partners L.P. bought a new stake in shares of Global Industrial in the 1st quarter valued at approximately $2,920,000. Finally, Hsbc Holdings PLC bought a new stake in Global Industrial in the second quarter worth $2,757,000. Hedge funds and other institutional investors own 31.19% of the company's stock.

About Global Industrial

Global Industrial Company NYSE: GIC is a distributor of industrial, commercial and business products serving organizations across North America. The company sells products through its e-commerce platforms, catalogs and sales representatives, serving businesses, government agencies, educational institutions and other commercial customers.

Its product offerings include material-handling and storage equipment, shelving, cabinets, workbenches, safety supplies, janitorial and sanitation products, packaging materials, tools, lighting, HVAC equipment, office furniture and other facility-maintenance products.

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