State of Alaska Department of Revenue Reduces Stock Position in MSC Industrial Direct Company, Inc. $MSM

Key Points

• State of Alaska Department of Revenue cut its stake in MSC Industrial Direct by 92.5% in Q4, selling 95,184 shares and leaving 7,755 shares valued at $651,000.
• Institutions own about 79.26% of the stock with several funds adjusting positions in Q1, and analysts collectively rate MSM a Hold with a consensus target of $90.50.

State of Alaska Department of Revenue cut its holdings in MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 92.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,755 shares of the industrial products company's stock after selling 95,184 shares during the period. State of Alaska Department of Revenue's holdings in MSC Industrial Direct were worth $651,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Royal Bank of Canada lifted its position in shares of MSC Industrial Direct by 4.8% during the first quarter. Royal Bank of Canada now owns 46,990 shares of the industrial products company's stock worth $3,650,000 after acquiring an additional 2,164 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of MSC Industrial Direct in the first quarter valued at $455,000. NewEdge Advisors LLC grew its position in shares of MSC Industrial Direct by 79.9% in the first quarter. NewEdge Advisors LLC now owns 750 shares of the industrial products company's stock valued at $58,000 after purchasing an additional 333 shares in the last quarter. United Services Automobile Association bought a new stake in shares of MSC Industrial Direct during the 1st quarter valued at $229,000. Finally, Empowered Funds LLC bought a new stake in shares of MSC Industrial Direct during the 1st quarter valued at $816,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Jefferies Financial Group restated a "hold" rating and issued a $85.00 target price on shares of MSC Industrial Direct in a research note on Thursday, January 8th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $95.00 price target on shares of MSC Industrial Direct in a research report on Friday, February 6th. Weiss Ratings reissued a "hold (c)" rating on shares of MSC Industrial Direct in a report on Wednesday, January 28th. KeyCorp restated a "sector weight" rating on shares of MSC Industrial Direct in a research report on Thursday, January 8th. Finally, Wall Street Zen lowered shares of MSC Industrial Direct from a "buy" rating to a "hold" rating in a report on Saturday, January 31st. Nine research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $90.50.

MSC Industrial Direct Trading Up 1.4%

Shares of MSM opened at $98.04 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.78 and a current ratio of 1.73. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 26.35 and a beta of 0.79. The firm has a 50 day moving average price of $92.47 and a 200-day moving average price of $88.73. MSC Industrial Direct Company, Inc. has a fifty-two week low of $74.30 and a fifty-two week high of $98.88.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 1st. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.02). The business had revenue of $917.77 million for the quarter, compared to analysts' expectations of $931.69 million. MSC Industrial Direct had a net margin of 5.42% and a return on equity of 16.06%. The business's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. As a group, equities research analysts forecast that MSC Industrial Direct Company, Inc. will post 4.33 earnings per share for the current year.

MSC Industrial Direct Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 8th were given a dividend of $0.87 per share. The ex-dividend date of this dividend was Wednesday, April 8th. This represents a $3.48 annualized dividend and a yield of 3.5%. MSC Industrial Direct's dividend payout ratio is presently 93.55%.

About MSC Industrial Direct

MSC Industrial Direct Co, Inc NYSE: MSM is a leading distributor of metalworking and maintenance, repair and operations (MRO) products serving a broad range of industrial customers across North America. The company offers an extensive portfolio of cutting tools, abrasives, measuring and inspection instruments, fasteners, safety supplies and other essential components used in manufacturing, metalworking and production environments. MSC delivers products through a multi-channel distribution network, including an extensive branch system, e-commerce platform and dedicated sales force.

In addition to its core product offerings, MSC Industrial Direct provides value-added services designed to improve productivity and reduce downtime for its customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.