Rhumbline Advisers Reduces Stake in Global Industrial Company $GIC

Key Points

• Rhumbline Advisers significantly reduced its stake in Global Industrial Company by 47.6%, owning approximately 0.05% of the company after selling 18,411 shares in the first quarter.
• Multiple large investors increased their positions in Global Industrial, with Hotchkis & Wiley Capital Management boosting its stake by 82% and Goldman Sachs Group increasing its position by 66.3% during the same period.
• Global Industrial reported strong earnings with $0.65 earnings per share, exceeding analyst expectations of $0.50, and announced a quarterly dividend of $0.26 per share, representing a 2.8% yield.

Rhumbline Advisers lowered its position in Global Industrial Company (NYSE:GIC - Free Report) by 47.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,286 shares of the company's stock after selling 18,411 shares during the period. Rhumbline Advisers owned approximately 0.05% of Global Industrial worth $454,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of GIC. Hotchkis & Wiley Capital Management LLC boosted its position in Global Industrial by 82.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 401,534 shares of the company's stock valued at $8,994,000 after buying an additional 180,870 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Global Industrial in the 1st quarter worth approximately $3,427,000. Nuveen LLC purchased a new stake in Global Industrial in the 1st quarter worth approximately $1,802,000. Denali Advisors LLC boosted its position in Global Industrial by 54.5% in the 1st quarter. Denali Advisors LLC now owns 165,779 shares of the company's stock worth $3,713,000 after purchasing an additional 58,479 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Global Industrial by 66.3% in the 1st 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. Hedge funds and other institutional investors own 31.19% of the company's stock.

Analyst Upgrades and Downgrades

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

Global Industrial Stock Performance

NYSE GIC opened at $36.57 on Wednesday. The business has a fifty day moving average price of $34.42 and a 200 day moving average price of $28.25. Global Industrial Company has a one year low of $20.79 and a one year high of $38.79. The company has a market cap of $1.40 billion, a P/E ratio of 21.39, a P/E/G ratio of 1.17 and a beta of 0.84.

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 analysts' consensus estimates of $0.50 by $0.15. Global Industrial had a return on equity of 22.89% and a net margin of 5.00%.The business had revenue of $358.90 million during the quarter, compared to the consensus estimate of $351.81 million. As a group, sell-side analysts predict that Global Industrial Company will post 1.59 EPS for the current fiscal year.

Global Industrial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, August 11th. Global Industrial's dividend payout ratio (DPR) is presently 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.

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