Walleye Capital LLC Takes $1.92 Million Position in Global Industrial Company $GIC

Key Points

• Walleye Capital acquired a new $1.92 million stake in Global Industrial, buying 57,485 shares and holding approximately 0.15% of the company. Institutional investors collectively own 31.19% of the stock.
• Global Industrial reported quarterly earnings of $0.54 per share, in line with estimates, while revenue of $386.6 million exceeded expectations. Analysts maintain a consensus “Hold” rating.
• The company declared a quarterly dividend of $0.28 per share, equivalent to $1.12 annually and a 2.9% yield; shares opened at $39.01, near their 52-week high of $40.71.

Walleye Capital LLC acquired a new stake in Global Industrial Company (NYSE:GIC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 57,485 shares of the company's stock, valued at approximately $1,923,000. Walleye Capital LLC owned approximately 0.15% of Global Industrial as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. acquired a new position in shares of Global Industrial in the first quarter worth $2,920,000. Meritage Portfolio Management increased its position in shares of Global Industrial by 34.8% during the fourth quarter. Meritage Portfolio Management now owns 107,047 shares of the company's stock worth $3,128,000 after acquiring an additional 27,623 shares during the period. Inspire Investing LLC acquired a new stake in shares of Global Industrial in the first quarter valued at $1,704,000. Hsbc Holdings PLC raised its stake in shares of Global Industrial by 40.3% in the fourth quarter. Hsbc Holdings PLC now owns 63,114 shares of the company's stock valued at $1,860,000 after acquiring an additional 18,123 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Global Industrial by 55.6% in the first quarter. First Trust Advisors LP now owns 58,553 shares of the company's stock valued at $1,846,000 after purchasing an additional 20,934 shares during the period. 31.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Global Industrial news, VP Thomas Axmacher sold 952 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $39.10, for a total value of $37,223.20. Following the sale, the vice president directly owned 6,414 shares in the company, valued at $250,787.40. This trade represents a 12.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 64.51% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GIC has been the subject of several analyst reports. Weiss Ratings raised Global Industrial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. Wall Street Zen raised Global Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold".

Global Industrial Stock Down 0.2%

NYSE GIC opened at $39.01 on Friday. Global Industrial Company has a 52 week low of $26.40 and a 52 week high of $40.71. The firm has a 50 day moving average of $34.58 and a two-hundred day moving average of $32.56. The stock has a market capitalization of $1.49 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 1.31 and a beta of 0.75.

Global Industrial (NYSE:GIC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.54 earnings per share for the quarter, meeting analysts' consensus estimates of $0.54. The business had revenue of $386.60 million for the quarter, compared to analyst estimates of $377.40 million. Global Industrial had a net margin of 6.06% and a return on equity of 21.49%. On average, equities research analysts expect that Global Industrial Company will post 1.87 earnings per share for the current fiscal year.

Global Industrial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, August 17th. Global Industrial's dividend payout ratio is 50.00%.

Global Industrial Company Profile

Global Industrial Company NYSE: GIC is a leading business-to-business distributor of industrial products and equipment. Headquartered in Port Washington, New York, the company provides a comprehensive range of products to support manufacturing, warehousing, and facility maintenance operations across North America. Through a digital-first platform, Global Industrial combines e-commerce, direct sales and catalog-based ordering channels to serve a diverse commercial customer base.

The company's product portfolio encompasses material handling solutions (including conveyors, pallet racks and hoists), storage and shelving systems, janitorial and sanitation supplies, packaging and shipping materials, and office furniture.

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