Magnetar Financial LLC Takes $482,000 Position in Global Industrial Company $GIC

Key Points

• Magnetar Financial LLC invested approximately $482,000 in Global Industrial Company, acquiring 21,499 shares, representing about 0.06% ownership of the company.
• Global Industrial's stock recently received a rating upgrade from "buy" to "strong-buy" by Wall Street Zen, reflecting positive analyst sentiment.
• The company announced a quarterly dividend of $0.26 per share, yielding about 2.8%, with a payout ratio of 60.82%.

Magnetar Financial LLC acquired a new stake in shares of Global Industrial Company (NYSE:GIC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,499 shares of the company's stock, valued at approximately $482,000. Magnetar Financial LLC owned about 0.06% of Global Industrial at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC raised its stake in shares of Global Industrial by 187.7% during the first quarter. CWM LLC now owns 1,614 shares of the company's stock valued at $36,000 after acquiring an additional 1,053 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Global Industrial by 340.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the company's stock valued at $39,000 after acquiring an additional 1,206 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Global Industrial by 1,600.0% during the first quarter. GAMMA Investing LLC now owns 2,397 shares of the company's stock valued at $54,000 after acquiring an additional 2,256 shares during the last quarter. US Bancorp DE raised its stake in shares of Global Industrial by 954.3% during the first quarter. US Bancorp DE now owns 3,068 shares of the company's stock valued at $69,000 after acquiring an additional 2,777 shares during the last quarter. Finally, Quantbot Technologies LP raised its stake in shares of Global Industrial by 25.8% during the first quarter. Quantbot Technologies LP now owns 4,548 shares of the company's stock valued at $102,000 after acquiring an additional 934 shares during the last quarter. 31.19% of the stock is owned by institutional investors.

Global Industrial Trading Down 0.1%

GIC traded down $0.05 during midday trading on Wednesday, reaching $37.36. The company's stock had a trading volume of 107,955 shares, compared to its average volume of 121,648. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.19 and a beta of 0.84. Global Industrial Company has a 1 year low of $20.79 and a 1 year high of $37.90. The stock's 50-day moving average is $31.80 and its 200-day moving average is $26.93.

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

Global Industrial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 2.8%. Global Industrial's dividend payout ratio (DPR) is currently 60.82%.

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.

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.