81,296 Shares in Global Industrial Company $GIC Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 81,296 shares of Global Industrial in the second quarter, valued at approximately $2.76 million. Institutional investors and hedge funds collectively own 31.19% of the company.
• Analyst sentiment is positive, with Global Industrial receiving a consensus rating of “Moderate Buy” after upgrades from Wall Street Zen and Weiss Ratings.
• Global Industrial reported quarterly EPS of $0.54, in line with estimates, while revenue of $386.6 million exceeded expectations. The company also pays a quarterly dividend of $0.28 per share, representing a 2.8% yield.

Hsbc Holdings PLC bought a new position in shares of Global Industrial Company (NYSE:GIC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 81,296 shares of the company's stock, valued at approximately $2,757,000. Hsbc Holdings PLC owned 0.21% of Global Industrial at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. AQR Capital Management LLC boosted its position in shares of Global Industrial by 37.4% during the 1st quarter. AQR Capital Management LLC now owns 61,993 shares of the company's stock worth $1,389,000 after purchasing an additional 16,880 shares during the period. Goldman Sachs Group Inc. raised its position in Global Industrial by 66.3% in the first quarter. Goldman Sachs Group Inc. now owns 143,162 shares of the company's stock valued at $3,207,000 after purchasing an additional 57,056 shares during the period. Jane Street Group LLC grew its stake in shares of Global Industrial by 16.4% in the first quarter. Jane Street Group LLC now owns 17,806 shares of the company's stock valued at $399,000 after buying an additional 2,512 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Global Industrial in the 2nd quarter valued at $231,000. Finally, American Century Companies Inc. lifted its stake in Global Industrial by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 38,952 shares of the company's stock worth $1,052,000 after acquiring an additional 2,804 shares in the last quarter. 31.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on GIC shares. Wall Street Zen upgraded shares of Global Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Global Industrial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy".

Insiders Place Their Bets

In other Global Industrial news, VP Thomas Axmacher sold 952 shares of the 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 sale, the vice president directly owned 6,414 shares of the company's stock, valued at approximately $250,787.40. This trade represents a 12.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 64.51% of the company's stock.

Global Industrial Stock Performance

Shares of GIC stock opened at $39.59 on Monday. The stock's 50-day moving average is $36.04 and its two-hundred day moving average is $33.12. Global Industrial Company has a 1 year low of $26.40 and a 1 year high of $40.71. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 1.32 and a beta of 0.75.

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 (EPS) 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 firm had revenue of $386.60 million for the quarter, compared to the consensus estimate of $377.40 million. As a group, research analysts predict that Global Industrial Company will post 1.87 EPS for the current year.

Global Industrial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 17th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.12 annualized dividend and a yield of 2.8%. Global Industrial's dividend payout ratio is currently 50.00%.

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.

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