Federated Hermes Inc. Makes New Investment in Global Industrial Company (NYSE:GIC)

Key Points

• Federated Hermes Inc. has purchased a new stake in Global Industrial Company for approximately $552,000, acquiring 24,657 shares and representing 0.06% ownership of the company.
• Several hedge funds, including J. Goldman & Co LP, have significantly increased their investments in Global Industrial, indicating strong institutional interest in the company.
• Global Industrial recently announced a quarterly dividend of $0.26 per share, which corresponds to an annualized yield of 3.0% and reflects a payout ratio of approximately 60.82%.

Federated Hermes Inc. acquired a new stake in Global Industrial Company (NYSE:GIC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,657 shares of the company's stock, valued at approximately $552,000. Federated Hermes Inc. owned about 0.06% of Global Industrial as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GIC. Tower Research Capital LLC TRC increased its stake in Global Industrial by 340.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the company's stock worth $39,000 after acquiring an additional 1,206 shares during the period. CWM LLC increased its stake in Global Industrial by 187.7% during the 1st quarter. CWM LLC now owns 1,614 shares of the company's stock worth $36,000 after acquiring an additional 1,053 shares during the period. GAMMA Investing LLC increased its stake in Global Industrial by 1,600.0% during the 1st quarter. GAMMA Investing LLC now owns 2,397 shares of the company's stock worth $54,000 after acquiring an additional 2,256 shares during the period. Wells Fargo & Company MN increased its stake in Global Industrial by 44.4% during the 4th quarter. Wells Fargo & Company MN now owns 7,058 shares of the company's stock worth $175,000 after acquiring an additional 2,170 shares during the period. Finally, MetLife Investment Management LLC increased its stake in Global Industrial by 13.6% during the 4th quarter. MetLife Investment Management LLC now owns 8,215 shares of the company's stock worth $204,000 after acquiring an additional 982 shares during the period. 31.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Global Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd.

Global Industrial Stock Down 1.5%

Shares of GIC traded down $0.54 during midday trading on Monday, hitting $34.12. The company's stock had a trading volume of 119,105 shares, compared to its average volume of 107,525. Global Industrial Company has a one year low of $20.79 and a one year high of $35.05. The company's fifty day simple moving average is $28.40 and its two-hundred day simple moving average is $25.48. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 1.10 and a beta of 0.80.

Global Industrial (NYSE:GIC - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.15. Global Industrial had a net margin of 5.00% and a return on equity of 22.89%. The business had revenue of $358.90 million during the quarter, compared to analysts' expectations of $351.81 million. On average, research analysts predict that Global Industrial Company will post 1.59 earnings per share for the current year.

Global Industrial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, August 11th. Global Industrial's payout ratio is 60.82%.

About Global Industrial

Global Industrial Company operates as an industrial distributor of various industrial and maintenance, repair, and operation (MRO) products in North America. It offers storage and shelving, safety and security, carts and trucks, HVAC and fans, furniture and decor, material handling, janitorial and facility maintenance, workbenches and shop desks, tools and instruments, plumbing and pumps, office and school supplies, packaging and shipping, lighting and electrical, foodservice and retail, medical and laboratory, motors and power transmission, building supplies, machining, fasteners and hardware, vehicle maintenance, and raw materials.