Research Analysts Set Expectations for GIC FY2024 Earnings

Global Industrial (NYSE:GIC) – William Blair cut their FY2024 earnings per share (EPS) estimates for shares of Global Industrial in a research note issued to investors on Tuesday, October 29th. William Blair analyst R. Merkel now forecasts that the company will post earnings per share of $1.63 for the year, down from their previous estimate of $2.01. The consensus estimate for Global Industrial’s current full-year earnings is $1.81 per share.

Global Industrial Stock Performance

NYSE:GIC opened at $26.68 on Friday. The company has a 50-day moving average of $32.70 and a 200-day moving average of $33.63. Global Industrial has a 52 week low of $25.00 and a 52 week high of $46.97. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 0.91 and a beta of 0.83.

Global Industrial (NYSE:GIC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.14). The business had revenue of $342.40 million for the quarter, compared to analyst estimates of $353.44 million. Global Industrial had a return on equity of 24.93% and a net margin of 4.92%. During the same quarter in the prior year, the firm earned $0.54 EPS.

Global Industrial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Monday, November 11th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, November 8th. Global Industrial’s dividend payout ratio is 58.82%.

Hedge Funds Weigh In On Global Industrial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Copeland Capital Management LLC acquired a new position in Global Industrial during the third quarter worth $61,000. Exchange Traded Concepts LLC acquired a new stake in shares of Global Industrial in the 3rd quarter valued at $309,000. SG Americas Securities LLC bought a new stake in shares of Global Industrial in the 3rd quarter worth about $281,000. Point72 Asset Management L.P. increased its position in shares of Global Industrial by 173.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,549 shares of the company’s stock worth $111,000 after purchasing an additional 2,249 shares in the last quarter. Finally, Algert Global LLC lifted its holdings in Global Industrial by 101.2% during the 2nd quarter. Algert Global LLC now owns 28,216 shares of the company’s stock valued at $885,000 after purchasing an additional 14,190 shares during the last quarter. Institutional investors own 31.19% of the company’s stock.

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.