Global Industrial (NYSE:GIC) Reaches New 52-Week High - Here's Why

Key Points

• Global Industrial shares reached a new 52-week high, trading as high as $40.71 and closing around $40.38, up from the prior close of $39.80.
• The company’s latest quarterly results met earnings expectations at $0.54 per share and exceeded revenue estimates, reporting $386.6 million versus the $377.4 million consensus.
• Analyst sentiment remains generally cautious, with an average “Hold” rating despite one upgrade to “Strong Buy.” Global Industrial also declared a quarterly dividend of $0.28 per share, representing a 2.8% annualized yield.

Global Industrial Company (NYSE:GIC - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $40.71 and last traded at $40.38, with a volume of 3508 shares trading hands. The stock had previously closed at $39.80.

Analyst Ratings Changes

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

Global Industrial Stock Up 0.2%

The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 1.30 and a beta of 0.75. The firm's 50 day moving average is $33.89 and its two-hundred day moving average is $32.35.

Global Industrial (NYSE:GIC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.54 EPS for the quarter, meeting analysts' consensus estimates of $0.54. The company had revenue of $386.60 million during the quarter, compared to the consensus estimate of $377.40 million. Global Industrial had a return on equity of 21.49% and a net margin of 6.06%. On average, analysts anticipate that Global Industrial Company will post 1.88 EPS for the current fiscal year.

Global Industrial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 17th will be given a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.12 annualized dividend and a yield of 2.8%. Global Industrial's dividend payout ratio (DPR) is currently 50.00%.

Insider Activity

In other news, VP Thomas Axmacher sold 1,848 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $38.60, for a total transaction of $71,332.80. Following the completion of the transaction, the vice president owned 7,366 shares of the company's stock, valued at approximately $284,327.60. The trade was a 20.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 64.51% of the company's stock.

Institutional Trading of Global Industrial

Several hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System acquired a new stake in shares of Global Industrial in the fourth quarter valued at approximately $38,000. Advisors Asset Management Inc. boosted its position in shares of Global Industrial by 234.9% during the fourth quarter. Advisors Asset Management Inc. now owns 2,502 shares of the company's stock worth $73,000 after buying an additional 1,755 shares during the period. State of Wyoming bought a new position in Global Industrial in the 2nd quarter worth approximately $117,000. State of Alaska Department of Revenue increased its position in Global Industrial by 111.4% in the 4th quarter. State of Alaska Department of Revenue now owns 4,562 shares of the company's stock valued at $133,000 after acquiring an additional 2,404 shares during the period. Finally, Martingale Asset Management L P acquired a new stake in Global Industrial in the 4th quarter valued at approximately $214,000. 31.19% of the stock is currently owned by institutional investors.

About Global Industrial

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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