Federated Hermes Inc. Has $6.70 Million Position in MSC Industrial Direct Company, Inc. (NYSE:MSM)

Key Points

• Federated Hermes Inc. has increased its stake in MSC Industrial Direct by 125% during the first quarter, now owning 86,194 shares valued at approximately $6.7 million.
• A notable increase in institutional ownership has occurred, with 79.26% of the stock now owned by hedge funds and major investors.
• MSC Industrial Direct reported quarterly earnings of $1.08 per share which surpassed analyst expectations, although revenue declined by 0.8% year-over-year.

Federated Hermes Inc. raised its position in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 125.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,194 shares of the industrial products company's stock after purchasing an additional 47,883 shares during the period. Federated Hermes Inc. owned approximately 0.15% of MSC Industrial Direct worth $6,695,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MSM. Headlands Technologies LLC acquired a new stake in shares of MSC Industrial Direct in the 4th quarter valued at $25,000. Investment Management Corp VA ADV boosted its holdings in shares of MSC Industrial Direct by 207.8% in the 1st quarter. Investment Management Corp VA ADV now owns 397 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 268 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of MSC Industrial Direct in the 1st quarter valued at $32,000. Farther Finance Advisors LLC lifted its stake in shares of MSC Industrial Direct by 895.0% in the 1st quarter. Farther Finance Advisors LLC now owns 597 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 537 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of MSC Industrial Direct by 47.1% in the 1st quarter. GAMMA Investing LLC now owns 681 shares of the industrial products company's stock valued at $53,000 after acquiring an additional 218 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

MSC Industrial Direct Trading Down 1.8%

NYSE:MSM traded down $1.56 during trading hours on Friday, hitting $85.06. 477,635 shares of the company were exchanged, compared to its average volume of 664,636. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 24.03 and a beta of 0.92. The company has a current ratio of 1.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. MSC Industrial Direct Company, Inc. has a one year low of $68.10 and a one year high of $92.68. The company has a fifty day simple moving average of $85.06 and a 200 day simple moving average of $80.90.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last announced its earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.05. The business had revenue of $971.15 million during the quarter, compared to analyst estimates of $969.72 million. MSC Industrial Direct had a return on equity of 14.99% and a net margin of 5.30%. MSC Industrial Direct's revenue for the quarter was down .8% compared to the same quarter last year. During the same period last year, the company earned $1.33 EPS. Sell-side analysts expect that MSC Industrial Direct Company, Inc. will post 3.57 EPS for the current fiscal year.

MSC Industrial Direct Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Wednesday, July 9th. MSC Industrial Direct's dividend payout ratio (DPR) is currently 96.05%.

Insiders Place Their Bets

In other MSC Industrial Direct news, SVP Kimberly Shacklett sold 2,130 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $92.00, for a total transaction of $195,960.00. Following the completion of the sale, the senior vice president directly owned 14,657 shares in the company, valued at approximately $1,348,444. This trade represents a 12.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 18.30% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MSM. JPMorgan Chase & Co. upgraded MSC Industrial Direct from a "neutral" rating to an "overweight" rating and increased their price target for the company from $73.00 to $89.00 in a research note on Tuesday, May 27th. Industrial Alliance Securities set a $89.00 price target on MSC Industrial Direct in a research note on Tuesday, May 27th. Stephens increased their price target on MSC Industrial Direct from $85.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 2nd. Robert W. Baird increased their price target on MSC Industrial Direct from $84.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Loop Capital increased their price target 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. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $90.33.

MSC Industrial Direct Profile

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.