Global Industrial (NYSE:GIC) Shares Gap Down to $33.50

Global Industrial (NYSE:GIC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $33.50, but opened at $32.46. Global Industrial shares last traded at $32.45, with a volume of 1,045 shares.

Global Industrial Stock Down 1.4 %

The business’s fifty day moving average price is $32.84 and its 200 day moving average price is $37.00. The firm has a market capitalization of $1.20 billion, a PE ratio of 17.08, a P/E/G ratio of 1.06 and a beta of 0.85.

Global Industrial (NYSE:GIC) last announced its earnings results on Tuesday, July 30th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. The firm had revenue of $347.80 million for the quarter, compared to analyst estimates of $348.84 million. Global Industrial had a net margin of 5.16% and a return on equity of 26.82%. During the same quarter last year, the business earned $0.56 earnings per share. As a group, sell-side analysts forecast that Global Industrial will post 1.97 earnings per share for the current fiscal year.

Global Industrial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.00 annualized dividend and a yield of 3.18%. Global Industrial’s payout ratio is currently 54.35%.

Institutional Trading of Global Industrial

A number of hedge funds have recently added to or reduced their stakes in GIC. Vanguard Group Inc. increased its stake in shares of Global Industrial by 137.3% during the 1st quarter. Vanguard Group Inc. now owns 717,231 shares of the company’s stock valued at $32,118,000 after acquiring an additional 414,924 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in Global Industrial during the first quarter worth approximately $3,824,000. Mawer Investment Management Ltd. raised its stake in Global Industrial by 3.2% during the first quarter. Mawer Investment Management Ltd. now owns 2,002,426 shares of the company’s stock worth $89,669,000 after purchasing an additional 62,777 shares during the period. Millennium Management LLC boosted its holdings in shares of Global Industrial by 79.4% in the 2nd quarter. Millennium Management LLC now owns 126,107 shares of the company’s stock valued at $3,955,000 after purchasing an additional 55,801 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in shares of Global Industrial during the 2nd quarter valued at $1,017,000. 31.19% of the stock is owned by institutional investors and hedge funds.

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.