MSC Industrial Direct Company, Inc. (NYSE:MSM) Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc reduced its holdings in MSC Industrial Direct by 56.6% during the first quarter, ending with 22,676 shares worth approximately $1.76 million.
• MSC Industrial Direct reported earnings per share (EPS) of $1.08 for the last quarter, exceeding analysts' expectations, although revenue decreased by 0.8% year-over-year.
• The firm declared a quarterly dividend of $0.85, representing an annual yield of 3.9% with a payout ratio of 96.05%.

Vestcor Inc lowered its stake in MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 56.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,676 shares of the industrial products company's stock after selling 29,610 shares during the period. Vestcor Inc's holdings in MSC Industrial Direct were worth $1,761,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in MSC Industrial Direct in the fourth quarter valued at $25,000. Investment Management Corp VA ADV grew 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 acquiring an additional 268 shares during the period. Neo Ivy Capital Management acquired a new position in shares of MSC Industrial Direct in the 1st quarter worth $32,000. Farther Finance Advisors LLC increased its stake in 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 worth $46,000 after purchasing an additional 537 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in MSC Industrial Direct by 47.1% during the 1st quarter. GAMMA Investing LLC now owns 681 shares of the industrial products company's stock worth $53,000 after purchasing an additional 218 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

MSC Industrial Direct Price Performance

NYSE:MSM traded up $0.52 during trading hours on Tuesday, hitting $85.97. The stock had a trading volume of 93,587 shares, compared to its average volume of 615,519. MSC Industrial Direct Company, Inc. has a one year low of $68.10 and a one year high of $92.68. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 24.30 and a beta of 0.92. 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 50 day simple moving average of $85.20 and a two-hundred day simple moving average of $80.92.

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

MSC Industrial Direct Dividend Announcement

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

Insider Buying and Selling

In other news, SVP Kimberly Shacklett sold 2,130 shares of MSC Industrial Direct stock in a transaction that occurred on Thursday, July 10th. The shares were 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 owned 14,657 shares of the company's stock, valued at approximately $1,348,444. The trade was a 12.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 18.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised shares of 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 report on Tuesday, May 27th. Loop Capital increased their price objective on shares of MSC Industrial Direct from $74.00 to $84.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Industrial Alliance Securities set a $89.00 price objective on MSC Industrial Direct in a report on Tuesday, May 27th. Robert W. Baird boosted their price objective on MSC Industrial Direct from $84.00 to $95.00 and gave the stock a "neutral" rating in a 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 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 issued a strong buy rating to the company's stock. According to MarketBeat, MSC Industrial Direct currently has an average rating of "Moderate Buy" and an average price target of $90.33.

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.