Penserra Capital Management LLC Reduces Stock Holdings in MSC Industrial Direct Company, Inc. (NYSE:MSM)

Penserra Capital Management LLC cut its position in MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 7.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,078 shares of the industrial products company's stock after selling 3,692 shares during the period. Penserra Capital Management LLC owned about 0.08% of MSC Industrial Direct worth $3,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MSM. Sharp Financial Services LLC increased its stake in MSC Industrial Direct by 11.2% in the 1st quarter. Sharp Financial Services LLC now owns 4,950 shares of the industrial products company's stock worth $384,000 after buying an additional 500 shares during the period. HM Payson & Co. purchased a new position in MSC Industrial Direct during the 1st quarter valued at about $59,000. Ceera Investments LLC increased its position in MSC Industrial Direct by 20.2% during the 1st quarter. Ceera Investments LLC now owns 17,241 shares of the industrial products company's stock valued at $1,339,000 after purchasing an additional 2,893 shares during the period. Aviance Capital Partners LLC purchased a new position in MSC Industrial Direct during the 1st quarter valued at about $234,000. Finally, Teacher Retirement System of Texas increased its position in MSC Industrial Direct by 19.2% during the 1st quarter. Teacher Retirement System of Texas now owns 74,852 shares of the industrial products company's stock valued at $5,814,000 after purchasing an additional 12,046 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

MSC Industrial Direct Price Performance

Shares of MSC Industrial Direct stock traded down $1.17 during trading hours on Friday, reaching $90.49. 648,680 shares of the company's stock were exchanged, compared to its average volume of 623,330. MSC Industrial Direct Company, Inc. has a 1 year low of $68.10 and a 1 year high of $92.68. The company has a market capitalization of $5.04 billion, a P/E ratio of 25.56 and a beta of 0.87. The business has a fifty day moving average of $82.44 and a two-hundred day moving average of $79.96. The company has a quick ratio of 0.91, a current ratio of 1.92 and a debt-to-equity ratio of 0.21.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last released its earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $969.72 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The company's revenue for the quarter was down .8% compared to the same quarter last year. As a group, research analysts predict that MSC Industrial Direct Company, Inc. will post 3.57 earnings per share for the current fiscal year.

MSC Industrial Direct Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Wednesday, July 9th. MSC Industrial Direct's payout ratio is 96.05%.

Insider Activity

In related news, SVP Kimberly Shacklett sold 2,130 shares of the company's stock in a transaction dated 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 approximately $1,348,444. This represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 18.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Stephens raised their target price on shares of 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. Robert W. Baird lifted their price objective on shares of MSC Industrial Direct from $84.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Wolfe Research raised shares of MSC Industrial Direct to a "strong-buy" rating in a research report on Sunday, April 6th. JPMorgan Chase & Co. raised shares of MSC Industrial Direct from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $73.00 to $89.00 in a research report on Tuesday, May 27th. Finally, Loop Capital lifted 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. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus 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.