MSC Industrial Direct Company, Inc. $MSM Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC has reduced its holdings in MSC Industrial Direct by 29.7%, selling 27,434 shares in the second quarter, now owning 64,864 shares valued at approximately $5.86 million.
• MSC Industrial Direct announced a quarterly dividend increase to $0.87, set to be paid on November 26th, representing a dividend yield of 4.1%.
• Research firms have maintained a consensus rating of "Hold" for MSC Industrial Direct, with a current average price target of $91.00.

Allspring Global Investments Holdings LLC cut its position in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 29.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 64,864 shares of the industrial products company's stock after selling 27,434 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.12% of MSC Industrial Direct worth $5,859,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Clearstead Trust LLC acquired a new position in MSC Industrial Direct during the first quarter worth $25,000. Investment Management Corp VA ADV raised its holdings in MSC Industrial Direct by 207.8% during the first quarter. Investment Management Corp VA ADV now owns 397 shares of the industrial products company's stock worth $31,000 after purchasing an additional 268 shares during the last quarter. Neo Ivy Capital Management acquired a new position in MSC Industrial Direct during the first quarter worth $32,000. Farther Finance Advisors LLC raised its holdings in shares of MSC Industrial Direct by 895.0% in the first quarter. Farther Finance Advisors LLC now owns 597 shares of the industrial products company's stock worth $46,000 after acquiring an additional 537 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of MSC Industrial Direct by 47.1% in the first quarter. GAMMA Investing LLC now owns 681 shares of the industrial products company's stock worth $53,000 after acquiring an additional 218 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

MSC Industrial Direct Price Performance

Shares of NYSE MSM opened at $85.85 on Monday. MSC Industrial Direct Company, Inc. has a 1-year low of $68.10 and a 1-year high of $94.31. The business has a 50-day moving average of $89.76 and a 200-day moving average of $84.53. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.92 and a quick ratio of 0.91. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 24.25 and a beta of 0.95.

MSC Industrial Direct Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Wednesday, November 12th will be given a $0.87 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This is a positive change from MSC Industrial Direct's previous quarterly dividend of $0.85. This represents a $3.48 annualized dividend and a dividend yield of 4.1%. MSC Industrial Direct's dividend payout ratio (DPR) is currently 96.05%.

Analyst Upgrades and Downgrades

Several research firms recently commented on MSM. Weiss Ratings reiterated a "hold (c+)" rating on shares of MSC Industrial Direct in a research note on Wednesday, October 8th. Loop Capital upped their target price on MSC Industrial Direct from $74.00 to $84.00 and gave the company a "hold" rating in a research note on Wednesday, July 2nd. Zacks Research downgraded MSC Industrial Direct from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 5th. Robert W. Baird boosted their price target on MSC Industrial Direct from $84.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Stephens boosted their price target on MSC Industrial Direct from $85.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $91.00.

About MSC Industrial Direct

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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