Global Industrial (NYSE:GIC) Rating Increased to Hold at Zacks Research

Global Industrial (NYSE:GIC) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

GIC has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Global Industrial in a research note on Wednesday, October 8th. Wall Street Zen upgraded Global Industrial from a “buy” rating to a “strong-buy” rating in a research note on Monday. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Global Industrial Stock Down 0.7%

Shares of NYSE:GIC opened at $29.79 on Monday. The company has a market capitalization of $1.15 billion, a P/E ratio of 17.02, a P/E/G ratio of 1.02 and a beta of 0.93. The stock’s fifty day simple moving average is $29.12 and its 200-day simple moving average is $31.60. Global Industrial has a 52-week low of $20.79 and a 52-week high of $38.79.

Global Industrial (NYSE:GIC) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.10). Global Industrial had a return on equity of 22.85% and a net margin of 5.11%.The firm had revenue of $353.60 million for the quarter, compared to analyst estimates of $357.00 million. On average, sell-side analysts anticipate that Global Industrial will post 1.59 earnings per share for the current year.

Institutional Investors Weigh In On Global Industrial

Several institutional investors and hedge funds have recently modified their holdings of GIC. Hillsdale Investment Management Inc. acquired a new stake in shares of Global Industrial in the third quarter valued at about $6,985,000. Jacobs Levy Equity Management Inc. purchased a new position in Global Industrial in the 1st quarter worth approximately $3,427,000. Algert Global LLC purchased a new position in Global Industrial in the 3rd quarter worth approximately $5,329,000. Meritage Portfolio Management acquired a new stake in Global Industrial in the second quarter valued at approximately $2,128,000. Finally, Barclays PLC raised its stake in shares of Global Industrial by 164.7% during the third quarter. Barclays PLC now owns 101,921 shares of the company’s stock valued at $3,737,000 after purchasing an additional 63,414 shares during the period. Hedge funds and other institutional investors own 31.19% of the company’s stock.

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.