Global Industrial Company (NYSE:GIC) Stock Position Decreased by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp has reduced its stake in Global Industrial Company by 44.7% in the first quarter, now holding approximately 0.35% of the company worth about $2.99 million.
• Global Industrial recently announced a quarterly dividend of $0.26, which represents a 3.0% dividend yield.
• The company reported quarterly earnings that exceeded expectations, with earnings per share (EPS) of $0.65 compared to analysts' consensus of $0.50.

King Luther Capital Management Corp decreased its holdings in shares of Global Industrial Company (NYSE:GIC - Free Report) by 44.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,504 shares of the company's stock after selling 108,089 shares during the quarter. King Luther Capital Management Corp owned about 0.35% of Global Industrial worth $2,990,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Global Industrial by 139.0% during the 4th quarter. JPMorgan Chase & Co. now owns 109,941 shares of the company's stock worth $2,725,000 after buying an additional 63,936 shares during the period. Geode Capital Management LLC increased its stake in Global Industrial by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 319,056 shares of the company's stock worth $7,912,000 after buying an additional 2,973 shares during the period. Trexquant Investment LP purchased a new stake in Global Industrial during the 4th quarter worth $298,000. 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 buying an additional 2,170 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Global Industrial during the 4th quarter worth $4,001,000. Institutional investors and hedge funds own 31.19% of the company's stock.

Analyst Ratings Changes

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

Global Industrial Stock Down 0.3%

Shares of GIC traded down $0.12 during midday trading on Friday, hitting $34.93. The company had a trading volume of 104,309 shares, compared to its average volume of 140,366. The company's 50 day moving average price is $29.22 and its 200 day moving average price is $25.82. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 1.12 and a beta of 0.80. Global Industrial Company has a 52 week low of $20.79 and a 52 week high of $36.43.

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

Global Industrial Dividend Announcement

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

Global Industrial Profile

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.