Bank of America Corp DE Makes New Investment in Global Industrial Company $GIC

Key Points

• Bank of America initiated a position in Global Industrial during the second quarter, purchasing 100,629 shares worth approximately $3.37 million, or about 0.26% of the company. Several other institutional investors also established new positions, while institutions and hedge funds collectively own 31.19% of the stock.
• Global Industrial reported quarterly earnings of $0.54 per share, in line with estimates, while revenue of $386.6 million exceeded expectations of $377.4 million. The company’s shares opened at $42.35, near their one-year high of $42.94.
• The company declared a quarterly dividend of $0.28, equivalent to an annualized $1.12 payout and a 2.6% yield. Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating, while insiders sold 9,287 shares worth roughly $363,904 during the latest quarter.

Bank of America Corp DE bought a new stake in Global Industrial Company (NYSE:GIC - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 100,629 shares of the company's stock, valued at approximately $3,367,000. Bank of America Corp DE owned about 0.26% of Global Industrial as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Bard Associates Inc. purchased a new stake in Global Industrial during the 2nd quarter valued at approximately $67,000. Odyssean LLC purchased a new position in shares of Global Industrial in the 2nd quarter valued at approximately $217,000. State of Wyoming acquired a new position in shares of Global Industrial in the second quarter valued at approximately $219,000. Jupiter Topco LLC acquired a new position in shares of Global Industrial in the second quarter valued at approximately $220,000. Finally, Globeflex Capital L P acquired a new position in shares of Global Industrial in the first quarter valued at approximately $249,000. Institutional investors and hedge funds own 31.19% of the company's stock.

Global Industrial Stock Performance

GIC opened at $42.35 on Wednesday. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 1.41 and a beta of 0.77. Global Industrial Company has a one year low of $26.40 and a one year high of $42.94. The business's fifty day moving average is $38.93 and its two-hundred day moving average is $34.35.

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

Global Industrial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were given a $0.28 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.12 annualized dividend and a dividend yield of 2.6%. Global Industrial's dividend payout ratio is currently 50.00%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. 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 lowered shares of Global Industrial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold".

Insider Activity at Global Industrial

In other news, SVP Claudia Hughes sold 4,753 shares of the firm's stock in a transaction that occurred on 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 directly owned 32,167 shares of the company's stock, valued at $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 available at this hyperlink. Also, VP Thomas Axmacher sold 952 shares of the firm's 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 transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,287 shares of company stock worth $363,904 over the last quarter. Company insiders own 64.51% 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 the United States and Canada. The company sells through its e-commerce platforms, catalogs and sales representatives, providing products to businesses, government agencies, educational institutions and other commercial customers.

Its product range includes material-handling equipment, storage and shelving systems, safety supplies, janitorial and facility-maintenance products, packaging materials, office furniture, HVAC equipment, workbenches, tools and other industrial supplies.

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