FY2024 EPS Forecast for Global Industrial Reduced by Analyst

Global Industrial (NYSE:GIC) – Research analysts at William Blair reduced their FY2024 earnings per share estimates for Global Industrial in a report issued on Thursday, January 2nd. William Blair analyst R. Merkel now expects that the company will earn $1.57 per share for the year, down from their prior forecast of $1.63. The consensus estimate for Global Industrial’s current full-year earnings is $1.62 per share. William Blair also issued estimates for Global Industrial’s Q4 2024 earnings at $0.27 EPS, Q1 2025 earnings at $0.25 EPS, Q3 2025 earnings at $0.52 EPS, Q4 2025 earnings at $0.33 EPS and FY2026 earnings at $1.84 EPS.

Global Industrial (NYSE:GIC) last issued its earnings results on Tuesday, October 29th. The company reported $0.44 earnings per share (EPS) 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 analysts’ expectations of $353.44 million. Global Industrial had a return on equity of 24.53% and a net margin of 4.92%. During the same period last year, the company posted $0.54 earnings per share.

Global Industrial Price Performance

NYSE GIC opened at $24.16 on Friday. Global Industrial has a 12 month low of $23.93 and a 12 month high of $46.97. The company has a market cap of $923.64 million, a P/E ratio of 14.21, a P/E/G ratio of 1.04 and a beta of 0.86. The company has a 50-day moving average of $27.21 and a 200-day moving average of $30.87.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Copeland Capital Management LLC acquired a new position in shares of Global Industrial in the 3rd quarter valued at $61,000. Point72 Asset Management L.P. increased its position in 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 buying an additional 2,249 shares during the period. National Bank of Canada FI boosted its holdings in Global Industrial by 41.8% in the 2nd quarter. National Bank of Canada FI now owns 4,994 shares of the company’s stock valued at $153,000 after purchasing an additional 1,472 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Global Industrial by 12.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,022 shares of the company’s stock worth $252,000 after purchasing an additional 919 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Global Industrial during the 3rd quarter worth approximately $281,000. 31.19% of the stock is owned by institutional investors.

Insider Transactions at Global Industrial

In other Global Industrial news, Vice Chairman Bruce Leeds sold 5,840 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $28.28, for a total transaction of $165,155.20. Following the completion of the sale, the insider now directly owns 23,675 shares in the company, valued at $669,529. This represents a 19.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 65.30% of the stock is currently owned by company insiders.

Global Industrial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Monday, November 11th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 4.14%. Global Industrial’s payout ratio is 58.82%.

About Global Industrial

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.