William Blair Comments on Global Industrial’s FY2024 Earnings (NYSE:GIC)

Global Industrial (NYSE:GICGet Rating) – Equities researchers at William Blair reduced their FY2024 earnings per share estimates for shares of Global Industrial in a note issued to investors on Tuesday, August 2nd. William Blair analyst R. Merkel now anticipates that the company will earn $2.10 per share for the year, down from their prior forecast of $2.25. The consensus estimate for Global Industrial’s current full-year earnings is $2.18 per share.

Global Industrial Stock Performance

Shares of NYSE:GIC opened at $32.61 on Friday. The business’s fifty day moving average price is $33.66 and its two-hundred day moving average price is $32.97. The stock has a market cap of $1.24 billion, a PE ratio of 10.89 and a beta of 0.65. Global Industrial has a one year low of $28.35 and a one year high of $45.21.

Global Industrial (NYSE:GICGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.24. The business had revenue of $288.60 million for the quarter, compared to analysts’ expectations of $259.00 million. Global Industrial had a return on equity of 52.84% and a net margin of 9.67%. During the same quarter in the prior year, the firm posted $0.14 EPS.

Institutional Investors Weigh In On Global Industrial

A number of large investors have recently bought and sold shares of GIC. Grandeur Peak Global Advisors LLC grew its holdings in Global Industrial by 71.0% during the 1st quarter. Grandeur Peak Global Advisors LLC now owns 766,970 shares of the company’s stock valued at $24,719,000 after buying an additional 318,481 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Global Industrial by 82.9% during the first quarter. Victory Capital Management Inc. now owns 252,708 shares of the company’s stock worth $7,799,000 after purchasing an additional 114,522 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Global Industrial by 40.7% during the first quarter. Royce & Associates LP now owns 313,109 shares of the company’s stock worth $10,092,000 after purchasing an additional 90,640 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Global Industrial by 255.0% during the first quarter. Advisors Asset Management Inc. now owns 110,443 shares of the company’s stock worth $3,560,000 after purchasing an additional 79,329 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Global Industrial by 57.0% during the fourth quarter. First Trust Advisors LP now owns 211,157 shares of the company’s stock worth $8,636,000 after purchasing an additional 76,666 shares during the last quarter. Institutional investors and hedge funds own 30.80% of the company’s stock.

Global Industrial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 22nd. Shareholders of record on Monday, August 15th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, August 12th. Global Industrial’s dividend payout ratio (DPR) is presently 24.66%.

About Global Industrial

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Global Industrial Company, through its subsidiaries, operates as a value-added industrial distributor of industrial and maintenance, repair, and operation (MRO) products in North America. The company offers industrial and MRO products under Global, GlobalIndustrial.com, Nexel, Paramount, and Interion trademarks.

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