Global Industrial Company (NYSE:GIC) Announces Quarterly Dividend of $0.28

Key Points

• Global Industrial declared a quarterly dividend of $0.28 per share, payable August 24 to shareholders of record August 17. The dividend implies $1.12 annually and a 3.0% yield, with the company having raised its dividend for nine consecutive years.
• The dividend appears financially supported, with a current payout ratio of 60.9% and an expected future payout ratio of 50.7%. The company reported quarterly EPS of $0.54, matching estimates, while revenue of $386.6 million exceeded expectations.
• Global Industrial shares opened at $37.24, up 2.2%, near their 12-month high of $38.79. Institutional investors and hedge funds own approximately 31.2% of the company.

Global Industrial Company (NYSE:GIC - Get Free Report) declared a quarterly dividend on Tuesday, August 4th. Shareholders of record on Monday, August 17th will be given a dividend of 0.28 per share on Monday, August 24th. This represents a c) annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, August 17th.

Global Industrial has decreased its dividend payment by an average of 0.2%annually over the last three years and has increased its dividend annually for the last 9 consecutive years. Global Industrial has a payout ratio of 60.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Global Industrial to earn $2.21 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 50.7%.

Global Industrial Trading Up 2.2%

Shares of NYSE GIC opened at $37.24 on Wednesday. The stock has a market cap of $1.42 billion, a P/E ratio of 19.29, a P/E/G ratio of 1.20 and a beta of 0.75. Global Industrial has a twelve month low of $26.40 and a twelve month high of $38.79. The stock has a 50 day moving average of $33.17 and a two-hundred day moving average of $32.12.

Global Industrial (NYSE:GIC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.54 earnings per share (EPS) for the quarter, hitting 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 5.33% and a return on equity of 23.53%. As a group, research analysts predict that Global Industrial will post 1.89 earnings per share for the current year.

Institutional Investors Weigh In On Global Industrial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Walleye Capital LLC acquired a new position in shares of Global Industrial during the 2nd quarter worth $1,923,000. Edgestream Partners L.P. purchased a new stake in Global Industrial during the first quarter worth about $2,920,000. Quantinno Capital Management LP boosted its holdings in Global Industrial by 9.4% during the first quarter. Quantinno Capital Management LP now owns 43,329 shares of the company's stock worth $1,366,000 after buying an additional 3,730 shares in the last quarter. Lazard Asset Management LLC grew its position in Global Industrial by 9.5% during the first quarter. Lazard Asset Management LLC now owns 57,453 shares of the company's stock worth $1,811,000 after buying an additional 4,982 shares during the period. Finally, Sei Investments Co. increased its holdings in Global Industrial by 70.7% in the first quarter. Sei Investments Co. now owns 17,552 shares of the company's stock valued at $553,000 after buying an additional 7,268 shares in the last quarter. Institutional investors and hedge funds own 31.19% of the company's stock.

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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