GSA Capital Partners LLP lowers investment in Global Industrial (NYSE:GIC)

2 min read | November 25, 2024 03:37 AM PST | By Team Kalkine Media

GSA Capital Partners LLP lowers investment in Global Industrial (NYSE:GIC) — Image source: Shutterstock

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GSA Capital Partners LLP reduced its holdings in Global Industrial (NYSE:GIC) by 35.9% during the third quarter, according to its latest filing with the Securities and Exchange Commission. After selling 3,595 shares, the firm now owns 6,410 shares of the company, valued at approximately $218,000 at the end of the quarter.

Other institutional investors and hedge funds have also adjusted their positions in Global Industrial. Vanguard Group Inc. notably increased its stake by 137.3% in the first quarter, acquiring an additional 414,924 shares. As of the end of the quarter, Vanguard owned over 717,000 shares, valued at around $32 million. Additionally, Edgestream Partners L.P. initiated a new position during the second quarter, and Denali Advisors LLC raised its holdings by 44.5%. These transactions reflect the dynamic nature of institutional interest in the company, with various entities either increasing or establishing new stakes.

Shares of Global Industrial have recently seen modest fluctuations. As of Monday, the stock opened at $27.96, with a market capitalization of $1.07 billion. Over the past year, the stock has fluctuated between a 52-week low of $25.00 and a high of $46.97. The firm’s 50-day moving average is $31.33, with a two-hundred-day moving average of $32.47.

Global Industrial’s most recent quarterly earnings report, released on October 29th, showed earnings of $0.44 per share, falling short of the consensus estimate of $0.58. The company’s revenue for the quarter was $342.4 million, which also missed analysts’ expectations. However, the firm maintains a solid return on equity of 24.53% and a net margin of 4.92%.

In addition to earnings, Global Industrial declared a quarterly dividend of $0.25 per share, which was paid to shareholders on November 18th. This represents an annualized dividend of $1.00, offering a yield of 3.58%, with a dividend payout ratio of 58.82%. The company continues to distribute dividends, reflecting a commitment to returning value to shareholders while navigating a dynamic market environment.

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