Global Industrial (NYSE:GIC) Stock Picked Up by Analysts at Freedom Broker

Key Points

• Freedom Broker initiated coverage of Global Industrial with a “hold” rating and a $39 price target, implying 10.81% downside from the prior close. The broader analyst consensus is also “Hold,” with a $39 target.
• Global Industrial’s shares fell 0.8% to $43.73, near their 52-week high of $44.36. In its latest quarter, the company met EPS expectations at $0.54 and exceeded revenue estimates with $386.6 million.
• Insiders sold 9,287 shares worth approximately $363,904 during the quarter, while institutional ownership stands at 31.19%; company insiders own 64.51% of the stock.

Research analysts at Freedom Broker began coverage on shares of Global Industrial (NYSE:GIC - Get Free Report) in a research note issued on Wednesday, Benzinga reports. The brokerage set a "hold" rating and a $39.00 price target on the stock. Freedom Broker's price objective suggests a potential downside of 10.81% from the stock's previous close.

GIC has been the topic of a number of other research reports. Weiss Ratings lowered shares of Global Industrial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, September 25th. Wall Street Zen raised Global Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Three analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $39.00.

Global Industrial Trading Down 0.8%

GIC traded down $0.36 on Wednesday, reaching $43.73. The company had a trading volume of 109,041 shares, compared to its average volume of 114,806. The company has a fifty day moving average of $40.44 and a 200-day moving average of $35.22. The company has a market capitalization of $1.67 billion, a P/E ratio of 19.52, a PEG ratio of 1.46 and a beta of 0.77. Global Industrial has a one year low of $26.40 and a one year high of $44.36.

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

Insider Activity

In other news, SVP Claudia Hughes sold 4,753 shares of the firm'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 completion of the transaction, the senior vice president owned 32,167 shares in the company, valued at approximately $1,279,603.26. This trade represents a 12.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Thomas Axmacher sold 952 shares of Global Industrial stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $39.10, for a total transaction of $37,223.20. Following the completion of the transaction, the vice president directly owned 6,414 shares in the company, valued at $250,787.40. This represents a 12.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 9,287 shares of company stock worth $363,904. 64.51% of the stock is owned by company insiders.

Institutional Trading of Global Industrial

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

About Global Industrial

Global Industrial Company NYSE: GIC is a distributor of industrial and maintenance, repair and operations (MRO) products. The company serves businesses, government agencies and other organizations through digital commerce, direct sales and product catalogs.

Its product range includes material-handling and storage equipment, shelving, cabinets, workstations, safety supplies, janitorial and facility-maintenance products, packaging supplies, tools, HVAC equipment and office furnishings. Global Industrial offers products from its own brands as well as third-party manufacturers, with solutions designed for workplaces, warehouses, commercial facilities and industrial operations.

The company primarily serves customers in the United States and Canada.

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