BlackRock Inc. Takes $53.37 Million Position in Global Industrial Company $GIC

Key Points

• BlackRock acquired a new 1.59 million-share stake in Global Industrial valued at approximately $53.4 million, representing about 4.18% of the company. Other institutions also initiated positions, while institutional investors collectively own 31.19% of shares.
• Global Industrial reported quarterly revenue of $386.6 million, above the $377.4 million consensus estimate, while earnings of $0.54 per share matched expectations. Analysts currently assign the stock a “Moderate Buy” average rating.
• Shares opened at $39.05, near the company’s 12-month high of $40.71. Global Industrial also paid a quarterly dividend of $0.28, equivalent to an annualized $1.12 payout and a 2.9% yield.

BlackRock Inc. bought a new stake in Global Industrial Company (NYSE:GIC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,594,894 shares of the company's stock, valued at approximately $53,365,000. BlackRock Inc. owned about 4.18% of Global Industrial as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Deutsche Bank AG acquired a new stake in shares of Global Industrial in the 2nd quarter valued at approximately $587,000. Bank of New York Mellon Corp acquired a new position in Global Industrial during the 2nd quarter worth approximately $10,510,000. State of Wyoming acquired a new position in Global Industrial during the 2nd quarter worth approximately $219,000. GSA Capital Partners LLP bought a new position in Global Industrial in the 2nd quarter valued at approximately $899,000. Finally, Walleye Capital LLC bought a new position in Global Industrial in the 2nd quarter valued at approximately $1,923,000. Institutional investors and hedge funds own 31.19% of the company's stock.

Insider Buying and Selling at Global Industrial

In other news, SVP Claudia Hughes sold 4,753 shares of the stock in a transaction 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 sale, the senior vice president directly owned 32,167 shares in the company, valued at $1,279,603.26. This represents a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Thomas Axmacher sold 952 shares of the business's stock in a transaction on Thursday, August 13th. The shares were 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 owned 6,414 shares in the company, valued at approximately $250,787.40. The trade was a 12.92% 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 valued at $363,904. 64.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

Global Industrial Stock Down 1.4%

Shares of Global Industrial stock opened at $39.05 on Tuesday. Global Industrial Company has a twelve month low of $26.40 and a twelve month high of $40.71. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 17.43, a P/E/G ratio of 1.32 and a beta of 0.75. The company's fifty day moving average is $36.17 and its 200 day moving average is $33.17.

Global Industrial (NYSE:GIC - Get Free Report) last released its 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 net margin of 6.06% and a return on equity of 21.49%. The business had revenue of $386.60 million during the quarter, compared to the consensus estimate of $377.40 million. As a group, equities analysts anticipate that Global Industrial Company will post 1.87 earnings per share for the current fiscal year.

Global Industrial Dividend Announcement

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

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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