CCM Investment Group LLC bought a new position in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 8,351 shares of the industrial products company's stock, valued at approximately $649,000.
Other hedge funds have also modified their holdings of the company. First Trust Advisors LP raised its position in shares of MSC Industrial Direct by 29.2% during the 4th quarter. First Trust Advisors LP now owns 1,987,455 shares of the industrial products company's stock worth $148,443,000 after purchasing an additional 448,708 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of MSC Industrial Direct by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,781,503 shares of the industrial products company's stock worth $138,369,000 after purchasing an additional 88,247 shares during the last quarter. Invesco Ltd. raised its holdings in MSC Industrial Direct by 2.8% in the 1st quarter. Invesco Ltd. now owns 1,240,418 shares of the industrial products company's stock valued at $96,343,000 after acquiring an additional 33,607 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in MSC Industrial Direct by 10.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,079,474 shares of the industrial products company's stock valued at $80,621,000 after acquiring an additional 102,660 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in MSC Industrial Direct by 445.4% in the 1st quarter. Victory Capital Management Inc. now owns 779,800 shares of the industrial products company's stock valued at $60,567,000 after acquiring an additional 636,827 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.
MSC Industrial Direct Trading Up 1.8%
Shares of MSC Industrial Direct stock traded up $1.52 during mid-day trading on Tuesday, hitting $86.42. The stock had a trading volume of 383,179 shares, compared to its average volume of 506,906. The firm has a 50-day moving average of $85.67 and a two-hundred day moving average of $81.07. MSC Industrial Direct Company, Inc. has a 12-month low of $68.10 and a 12-month high of $92.68. The company has a quick ratio of 0.91, a current ratio of 1.92 and a debt-to-equity ratio of 0.21. The firm has a market cap of $4.81 billion, a P/E ratio of 24.41 and a beta of 0.92.
MSC Industrial Direct (NYSE:MSM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.05. MSC Industrial Direct had a net margin of 5.30% and a return on equity of 14.99%. The business had revenue of $971.15 million during the quarter, compared to analysts' expectations of $969.72 million. During the same quarter in the prior year, the company posted $1.33 EPS. The business's revenue for the quarter was down .8% on a year-over-year basis. Sell-side analysts forecast that MSC Industrial Direct Company, Inc. will post 3.57 earnings per share for the current year.
MSC Industrial Direct Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th were paid a $0.85 dividend. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $3.40 annualized dividend and a dividend yield of 3.9%. MSC Industrial Direct's dividend payout ratio is 96.05%.
Wall Street Analyst Weigh In
A number of research firms have commented on MSM. Loop Capital increased their price objective on shares of MSC Industrial Direct from $74.00 to $84.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Industrial Alliance Securities set a $89.00 price objective on shares of MSC Industrial Direct in a report on Tuesday, May 27th. JPMorgan Chase & Co. upgraded shares of MSC Industrial Direct from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $73.00 to $89.00 in a report on Tuesday, May 27th. Stephens increased their price objective on shares of MSC Industrial Direct from $85.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, July 2nd. Finally, Robert W. Baird increased their price objective on shares of MSC Industrial Direct from $84.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $90.33.
Read Our Latest Stock Analysis on MSM
Insider Buying and Selling at MSC Industrial Direct
In other news, SVP Kimberly Shacklett sold 2,130 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $92.00, for a total value of $195,960.00. Following the completion of the sale, the senior vice president owned 14,657 shares of the company's stock, valued at $1,348,444. This represents a 12.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 18.30% of the stock is currently owned by company insiders.
About MSC Industrial Direct
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Free Report)
MSC Industrial Direct Co, Inc, together with its subsidiaries, distributes metalworking and maintenance, repair, and operations (MRO) products and services in the United States, Canada, Mexico, the United Kingdom, and internationally. The company's MRO products include cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock products, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components, and electrical supplies.
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