GIC - 1 Magnificent Dividend Stock Down 33% to Buy and Hold Forever
2024-07-03 09:00:00 ET
Shares of Global Industrial (NYSE: GIC) have gotten off to a rough start so far in 2024, with the company's share price sliding 33% from its 52-week highs.
The New York-based company distributes maintenance, repair, and operations (MRO) products to a diversified base of over 400,000 industrial customers -- many of them small and medium-size businesses (SMBs) . The company has seen organic sales growth slow over the last two years, with these more vulnerable customers battling inflation and higher interest rates.
However, after the recent share price decline, it could be a prime time to consider buying shares of the steady distributor. Here's why.
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1 Magnificent Dividend Stock Down 33% to Buy and Hold Forever