William Blair Has Pessimistic Outlook of GIC FY2024 Earnings

by · The Cerbat Gem

Global Industrial (NYSE:GIC – Free Report) – Research analysts at William Blair reduced their FY2024 earnings per share estimates for Global Industrial in a report released on Tuesday, October 29th. William Blair analyst R. Merkel now expects that the company will post earnings of $1.63 per share for the year, down from their previous forecast of $2.01. The consensus estimate for Global Industrial’s current full-year earnings is $1.81 per share.

Global Industrial Stock Performance

Shares of Global Industrial stock opened at $26.55 on Friday. The firm has a market cap of $1.01 billion, a P/E ratio of 15.62, a price-to-earnings-growth ratio of 0.91 and a beta of 0.83. The firm’s 50-day simple moving average is $32.84 and its 200-day simple moving average is $33.74. Global Industrial has a twelve month low of $25.00 and a twelve month high of $46.97.

Global Industrial (NYSE:GIC – Get Free Report) last issued its earnings results on Tuesday, July 30th. The company reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. Global Industrial had a return on equity of 24.93% and a net margin of 4.92%. The business had revenue of $347.80 million during the quarter, compared to analyst estimates of $348.84 million. During the same period in the prior year, the company posted $0.56 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GIC. Copeland Capital Management LLC bought a new position in Global Industrial during the 3rd quarter valued at about $61,000. Exchange Traded Concepts LLC acquired a new stake in shares of Global Industrial during the third quarter worth approximately $309,000. SG Americas Securities LLC bought a new position in shares of Global Industrial in the third quarter valued at approximately $281,000. Point72 Asset Management L.P. boosted its holdings in shares of Global Industrial by 173.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,549 shares of the company’s stock worth $111,000 after acquiring an additional 2,249 shares in the last quarter. Finally, Algert Global LLC grew its position in Global Industrial by 101.2% during the 2nd quarter. Algert Global LLC now owns 28,216 shares of the company’s stock worth $885,000 after acquiring an additional 14,190 shares during the last quarter. 31.19% of the stock is owned by institutional investors.

Global Industrial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Monday, November 11th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, November 8th. Global Industrial’s dividend payout ratio (DPR) is 58.82%.

Global Industrial Company Profile

(Get Free Report)

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.

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