Global Industrial (NYSE:GIC) Stock Picked Up by Analysts at Freedom Broker

Equities researchers at Freedom Broker assumed coverage on shares of Global Industrial (NYSE:GIC) in a note issued to investors on Wednesday, Benzinga reports. The brokerage set a “hold” rating and a $39.00 price target on the stock. Freedom Broker’s price objective indicates a potential downside of 10.81% from the company’s current price.

GIC has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Global Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Weiss Ratings downgraded shares of Global Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 25th. Three investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $39.00.

Global Industrial Price Performance

NYSE GIC traded down $0.36 on Wednesday, hitting $43.73. 109,041 shares of the company were exchanged, compared to its average volume of 114,806. The company’s 50 day moving average price is $40.44 and its 200-day moving average price is $35.22. The firm has a market capitalization of $1.67 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 1.46 and a beta of 0.77. Global Industrial has a twelve month low of $26.40 and a twelve month high of $44.36.

Global Industrial (NYSE:GIC) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.54 EPS for the quarter, meeting analysts’ consensus estimates of $0.54. Global Industrial had a net margin of 6.06% and a return on equity of 21.49%. The company had revenue of $386.60 million during the quarter, compared to analyst estimates of $377.40 million. As a group, equities analysts expect that Global Industrial will post 1.87 EPS for the current year.

Insider Buying and Selling at Global Industrial

In related news, VP Thomas Axmacher sold 1,848 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $38.60, for a total value of $71,332.80. Following the completion of the sale, the vice president directly owned 7,366 shares of the company’s stock, valued at approximately $284,327.60. This represents a 20.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Claudia Hughes sold 4,753 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $39.78, for a total value of $189,074.34. Following the sale, the senior vice president owned 32,167 shares of the company’s stock, valued at $1,279,603.26. The trade was a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,287 shares of company stock worth $363,904 over the last three months. 64.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Global Industrial

A number of large investors have recently made changes to their positions in GIC. Bank of New York Mellon Corp acquired a new stake in shares of Global Industrial during the 2nd quarter valued at $10,510,000. Walleye Capital LLC acquired a new position in shares of Global Industrial in the second quarter worth $1,923,000. Edgestream Partners L.P. acquired a new position in shares of Global Industrial in the first quarter worth $2,920,000. BlackRock Inc. purchased a new stake in shares of Global Industrial during the second quarter worth $53,365,000. Finally, Grandeur Peak Global Advisors LLC purchased a new stake in shares of Global Industrial during the second quarter worth $1,408,000. Institutional investors and hedge funds own 31.19% of the company’s stock.

About Global Industrial

Global Industrial Company (NYSE:GIC) is a distributor of industrial and maintenance, repair and operations (MRO) products. The company serves businesses, government agencies and other organizations through digital commerce, direct sales and product catalogs.

Its product range includes material-handling and storage equipment, shelving, cabinets, workstations, safety supplies, janitorial and facility-maintenance products, packaging supplies, tools, HVAC equipment and office furnishings. Global Industrial offers products from its own brands as well as third-party manufacturers, with solutions designed for workplaces, warehouses, commercial facilities and industrial operations.

The company primarily serves customers in the United States and Canada.