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

Key Points

• Wall Street Zen downgraded Global Industrial from “strong-buy” to “buy,” while other recent analyst actions contributed to an overall “hold” consensus and a $39.00 average price target.
• Global Industrial’s shares opened at $44.12, near their 52-week high of $44.73. The company’s latest quarterly results met EPS expectations at $0.54 and exceeded revenue forecasts, reporting $386.6 million versus $377.4 million expected.
• Insiders sold 9,287 shares worth approximately $363,904 over the past three months, while several institutional investors established or increased positions; insiders own 64.51% of the stock and institutions own 31.19%.

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

Other analysts have also recently issued reports about the company. Freedom Broker initiated coverage on Global Industrial in a research report on Wednesday. They issued a "hold" rating and a $39.00 price objective for the company. Weiss Ratings lowered Global Industrial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, September 25th. Three equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, Global Industrial presently has an average rating of "Hold" and a consensus target price of $39.00.

Global Industrial Stock Up 0.1%

NYSE:GIC opened at $44.12 on Friday. Global Industrial has a 52 week low of $26.40 and a 52 week high of $44.73. The stock has a market capitalization of $1.68 billion, a PE ratio of 19.70, a price-to-earnings-growth ratio of 1.47 and a beta of 0.77. The stock's 50-day moving average price is $40.73 and its 200-day moving average price is $35.46.

Global Industrial (NYSE:GIC - Get Free Report) last released 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. The company had revenue of $386.60 million during the quarter, compared to analysts' expectations of $377.40 million. Global Industrial had a return on equity of 21.49% and a net margin of 6.06%. Sell-side analysts expect that Global Industrial will post 1.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Global Industrial

In other Global Industrial news, SVP Claudia Hughes sold 4,753 shares of the firm's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $39.78, for a total value 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 trade represents a 12.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas Axmacher sold 1,848 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $38.60, for a total value of $71,332.80. Following the completion of the transaction, the vice president owned 7,366 shares in the company, valued at $284,327.60. The trade was a 20.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 9,287 shares of company stock valued at $363,904. 64.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Global Industrial

Several hedge funds and other institutional investors have recently modified their holdings of GIC. Tidal Investments LLC purchased a new stake in Global Industrial during the 2nd quarter valued at about $604,000. Corient Private Wealth LP acquired a new stake in Global Industrial in the 2nd quarter valued at about $260,000. Odyssean LLC purchased a new position in Global Industrial in the 2nd quarter worth approximately $217,000. Grandeur Peak Global Advisors LLC lifted its stake in Global Industrial by 88.0% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 42,089 shares of the company's stock worth $1,408,000 after purchasing an additional 19,703 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Global Industrial by 6.2% in the 2nd quarter. Hsbc Holdings PLC now owns 81,296 shares of the company's stock worth $2,757,000 after purchasing an additional 4,775 shares in the last quarter. 31.19% of the stock is owned by hedge funds and other institutional investors.

Global Industrial Company Profile

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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