Global Industrial (NYSE:GIC) Cut to "Hold" at Zacks Research

Key Points

• Global Industrial has been downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating.
• Despite the downgrade, Wall Street Zen upgraded the stock to a "strong-buy" rating just days prior, indicating mixed analyst sentiments.
• The company reported a quarterly EPS of $0.65, surpassing consensus estimates of $0.50 and showing strong revenue performance of $358.90 million.

Global Industrial (NYSE:GIC - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Separately, Wall Street Zen upgraded Global Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, Global Industrial presently has an average rating of "Hold".

Global Industrial Stock Performance

Shares of NYSE:GIC opened at $36.73 on Monday. Global Industrial has a one year low of $20.79 and a one year high of $38.79. The stock has a fifty day moving average of $35.37 and a 200-day moving average of $28.73. The company has a market capitalization of $1.41 billion, a PE ratio of 21.48, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84.

Global Industrial (NYSE:GIC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.65 EPS 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 during the quarter, compared to the consensus estimate of $351.81 million. As a group, research analysts forecast that Global Industrial will post 1.59 EPS for the current fiscal year.

Institutional Trading of Global Industrial

Hedge funds have recently modified their holdings of the business. State of Wyoming acquired a new position in shares of Global Industrial in the second quarter worth $117,000. Engineers Gate Manager LP raised its holdings in shares of Global Industrial by 22.8% during the second quarter. Engineers Gate Manager LP now owns 17,642 shares of the company's stock worth $477,000 after acquiring an additional 3,270 shares in the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of Global Industrial during the second quarter worth $295,000. Bank of America Corp DE raised its holdings in shares of Global Industrial by 2.3% during the second quarter. Bank of America Corp DE now owns 51,366 shares of the company's stock worth $1,387,000 after acquiring an additional 1,137 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Global Industrial by 87.9% during the second quarter. Jane Street Group LLC now owns 33,462 shares of the company's stock worth $904,000 after acquiring an additional 15,656 shares in the last quarter. Hedge funds and other institutional investors own 31.19% of the company's stock.

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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