Russell Investments Group Ltd. Buys 6,682 Shares of Global Industrial Company $GIC

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Global Industrial Company, purchasing an additional 6,682 shares and raising its holdings by 3,930.6% during the first quarter.
• Global Industrial's recent earnings surpassed analysts' expectations, reporting $0.65 earnings per share compared to the consensus estimate of $0.50.
• The company has a quarterly dividend of $0.26, which results in an annualized yield of 2.8%, reflecting a payout ratio of 60.82%.

Russell Investments Group Ltd. increased its holdings in shares of Global Industrial Company (NYSE:GIC - Free Report) by 3,930.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,852 shares of the company's stock after purchasing an additional 6,682 shares during the quarter. Russell Investments Group Ltd.'s holdings in Global Industrial were worth $153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nuveen LLC bought a new position in shares of Global Industrial during the first quarter valued at $1,802,000. US Bancorp DE lifted its holdings 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 purchasing an additional 2,777 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Global Industrial during the first quarter valued at $552,000. Y Intercept Hong Kong Ltd bought a new position in shares of Global Industrial during the first quarter valued at $394,000. Finally, GW&K Investment Management LLC lifted its holdings in shares of Global Industrial by 2.3% during the first quarter. GW&K Investment Management LLC now owns 311,688 shares of the company's stock valued at $6,982,000 after purchasing an additional 7,007 shares in the last quarter. 31.19% of the stock is owned by institutional investors.

Global Industrial Stock Performance

GIC stock opened at $37.42 on Wednesday. Global Industrial Company has a fifty-two week low of $20.79 and a fifty-two week high of $37.90. The business's 50-day moving average is $31.60 and its two-hundred day moving average is $26.86. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 21.88, a P/E/G ratio of 1.19 and a beta of 0.84.

Global Industrial (NYSE:GIC - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.65 earnings per share for the quarter, beating 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 company had revenue of $358.90 million for the quarter, compared to the consensus estimate of $351.81 million. Equities analysts predict 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 issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 2.8%. Global Industrial's dividend payout ratio is currently 60.82%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Global Industrial from a "buy" rating to a "strong-buy" rating in a report 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.

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