Bank of New York Mellon Corp Invests $10.51 Million in Global Industrial Company $GIC

Key Points

• Bank of New York Mellon bought 314,105 shares of Global Industrial in the second quarter, worth approximately $10.51 million and representing a 0.82% stake. Institutional investors and hedge funds collectively own 31.19% of the company.
• Global Industrial reported quarterly EPS of $0.54, matching estimates, while revenue of $386.6 million exceeded expectations. Analysts project full-year EPS of $1.87, and the stock recently traded near its 12-month high at $39.10.
• Insiders sold 9,287 shares worth about $363,904 during the past quarter, while the company maintained a quarterly dividend of $0.28, or $1.12 annualized, yielding approximately 2.9%.

Bank of New York Mellon Corp purchased a new position in shares of Global Industrial Company (NYSE:GIC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 314,105 shares of the company's stock, valued at approximately $10,510,000. Bank of New York Mellon Corp owned 0.82% of Global Industrial at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in Global Industrial by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 893,325 shares of the company's stock valued at $28,155,000 after buying an additional 8,901 shares in the last quarter. Vanguard Group Inc. grew its stake in Global Industrial by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 822,006 shares of the company's stock worth $30,143,000 after acquiring an additional 17,194 shares during the period. J. Goldman & Co LP grew its position in shares of Global Industrial by 9.4% in the fourth quarter. J. Goldman & Co LP now owns 307,757 shares of the company's stock valued at $8,993,000 after purchasing an additional 26,365 shares during the period. Millennium Management LLC grew its position in shares of Global Industrial by 7.6% in the fourth quarter. Millennium Management LLC now owns 244,233 shares of the company's stock valued at $7,136,000 after purchasing an additional 17,194 shares during the period. Finally, Hillsdale Investment Management Inc. increased its stake in Global Industrial by 4.5% in the first quarter. Hillsdale Investment Management Inc. now owns 199,091 shares of the company's stock valued at $6,275,000 after purchasing an additional 8,600 shares during the last quarter. 31.19% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Global Industrial

In other Global Industrial news, VP Thomas Axmacher sold 1,848 shares of the company's stock in a transaction dated 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 sale, the vice president directly owned 7,366 shares of the company's stock, valued at approximately $284,327.60. This represents a 20.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the senior vice president owned 32,167 shares of the company's stock, valued at approximately $1,279,603.26. This trade represents a 12.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,287 shares of company stock worth $363,904. 64.51% of the stock is owned by insiders.

Global Industrial Price Performance

Global Industrial stock opened at $39.10 on Thursday. The company has a fifty day moving average price of $36.39 and a two-hundred day moving average price of $33.26. The company has a market cap of $1.49 billion, a PE ratio of 17.46, a P/E/G ratio of 1.29 and a beta of 0.77. Global Industrial Company has a 12 month low of $26.40 and a 12 month high of $40.71.

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 the consensus estimate of $0.54. The business 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%. Equities research analysts anticipate that Global Industrial Company will post 1.87 earnings per share for the current year.

Global Industrial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, August 17th. Global Industrial's dividend payout ratio is currently 50.00%.

Wall Street Analysts Forecast Growth

GIC has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of Global Industrial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 18th. Wall Street Zen upgraded Global Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy".

Global Industrial Company Profile

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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