Meritage Portfolio Management Takes $2.13 Million Position in Global Industrial Company $GIC

Key Points

• Meritage Portfolio Management acquired a new stake in Global Industrial Company worth approximately $2.13 million, purchasing 78,775 shares.
• Global Industrial's shares were upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, while Zacks Research downgraded the stock from a "strong-buy" to a "hold".
• The company reported earnings of $0.65 per share for the last quarter, exceeding expectations, with a revenue of $358.90 million.

Meritage Portfolio Management purchased a new stake in shares of Global Industrial Company (NYSE:GIC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 78,775 shares of the company's stock, valued at approximately $2,128,000. Meritage Portfolio Management owned 0.21% of Global Industrial as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GIC. Jacobs Levy Equity Management Inc. purchased a new position in shares of Global Industrial during the first quarter worth about $3,427,000. GAMMA Investing LLC grew its holdings 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 worth $54,000 after purchasing an additional 2,256 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Global Industrial during the first quarter worth about $768,000. SG Americas Securities LLC grew its holdings in shares of Global Industrial by 135.5% during the first quarter. SG Americas Securities LLC now owns 18,780 shares of the company's stock worth $421,000 after purchasing an additional 10,806 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Global Industrial by 66.3% during the first quarter. Goldman Sachs Group Inc. now owns 143,162 shares of the company's stock worth $3,207,000 after purchasing an additional 57,056 shares in the last quarter. 31.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GIC has been the subject of several recent analyst reports. Zacks Research lowered Global Industrial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Global Industrial in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Global Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Global Industrial has a consensus rating of "Hold".

Global Industrial Price Performance

Shares of GIC opened at $34.13 on Monday. The firm has a market cap of $1.31 billion, a P/E ratio of 19.96, a P/E/G ratio of 1.09 and a beta of 0.87. The stock has a 50 day simple moving average of $36.22 and a two-hundred day simple moving average of $29.46. Global Industrial Company has a 1 year low of $20.79 and a 1 year high of $38.79.

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

Global Industrial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 3.0%. Global Industrial's dividend payout ratio is currently 60.82%.

Global Industrial Company 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.

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