Praxis Investment Management Inc. Acquires Shares of 5,310 MSC Industrial Direct Company, Inc. $MSM

Key Points

• Praxis Investment Management Inc. acquired 5,310 shares of MSC Industrial Direct Company, Inc., valued at approximately $451,000, marking its new position in the company during the second quarter.
• A total of 79.26% of MSC Industrial's stock is owned by institutional investors and hedge funds, indicating significant institutional interest in the company.
• The company recently announced an increase in its quarterly dividend to $0.87 per share, with a dividend yield of 4.1%, set to be paid out on November 26th.

Praxis Investment Management Inc. purchased a new position in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,310 shares of the industrial products company's stock, valued at approximately $451,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MSM. Clearstead Trust LLC acquired a new position in shares of MSC Industrial Direct during the 1st quarter worth $25,000. Investment Management Corp VA ADV grew its stake in shares of MSC Industrial Direct by 207.8% during the 1st 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 period. Neo Ivy Capital Management acquired a new position in shares of MSC Industrial Direct during the 1st quarter worth $32,000. Farther Finance Advisors LLC grew its stake in shares of MSC Industrial Direct by 895.0% during 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 during the period. Finally, GAMMA Investing LLC grew its stake in shares of 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 during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MSM. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of MSC Industrial Direct in a research note on Wednesday, October 8th. Stephens upped their price target on shares of MSC Industrial Direct from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 2nd. 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 research note on Wednesday, July 2nd. 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 research note on Wednesday, July 2nd. Finally, Zacks Research cut shares of MSC Industrial Direct from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $91.00.

MSC Industrial Direct Price Performance

Shares of NYSE MSM opened at $85.85 on Friday. MSC Industrial Direct Company, Inc. has a 52 week low of $68.10 and a 52 week high of $94.31. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 24.25 and a beta of 0.95. The company's 50-day moving average price is $89.76 and its 200 day moving average price is $84.46. 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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Wednesday, November 12th will be paid a dividend of $0.87 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $3.48 annualized dividend and a dividend yield of 4.1%. This is an increase from MSC Industrial Direct's previous quarterly dividend of $0.85. MSC Industrial Direct's dividend payout ratio is 98.31%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.