Global Industrial (NYSE:GIC) Sees Significant Increase in Short Interest

Global Industrial (NYSE:GIC) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 355,000 shares, an increase of 27.2% from the October 15th total of 279,100 shares. Based on an average trading volume of 73,200 shares, the days-to-cover ratio is presently 4.8 days. Currently, 4.6% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of large investors 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 first quarter. Vanguard Group Inc. now owns 717,231 shares of the company’s stock worth $32,118,000 after buying an additional 414,924 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Global Industrial during the first quarter worth $3,824,000. Edgestream Partners L.P. purchased a new position in Global Industrial in the second quarter valued at $1,017,000. Denali Advisors LLC raised its stake in Global Industrial by 44.5% in the second quarter. Denali Advisors LLC now owns 57,122 shares of the company’s stock valued at $1,791,000 after buying an additional 17,600 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Global Industrial by 79.4% during the 2nd quarter. Millennium Management LLC now owns 126,107 shares of the company’s stock worth $3,955,000 after buying an additional 55,801 shares during the last quarter. 31.19% of the stock is currently owned by institutional investors and hedge funds.

Global Industrial Stock Down 2.6 %

NYSE:GIC opened at $27.14 on Friday. Global Industrial has a 52 week low of $25.00 and a 52 week high of $46.97. The stock’s fifty day moving average is $31.75 and its two-hundred day moving average is $32.74. The company has a market capitalization of $1.04 billion, a P/E ratio of 15.96, a P/E/G ratio of 1.05 and a beta of 0.86.

Global Industrial (NYSE:GIC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.14). The company had revenue of $342.40 million during the quarter, compared to analysts’ expectations of $353.44 million. Global Industrial had a net margin of 4.92% and a return on equity of 24.53%. During the same quarter last year, the firm posted $0.54 earnings per share. Sell-side analysts anticipate that Global Industrial will post 1.62 earnings per share for the current fiscal year.

Global Industrial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Monday, November 11th will be issued a $0.25 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 3.68%. Global Industrial’s dividend payout ratio is currently 58.82%.

Global Industrial Company Profile

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.