State Street Corp Buys 52,860 Shares of MSC Industrial Direct Company, Inc. $MSM

Key Points

• State Street increased its MSC Industrial Direct stake by 3.7%, purchasing 52,860 additional shares and bringing its holdings to 1.46 million shares valued at approximately $174.1 million. Institutional investors collectively own 79.26% of the company.
• MSC Industrial Direct reported stronger-than-expected quarterly results, with EPS of $1.43 versus the $1.28 consensus estimate and revenue of $1.05 billion, up 7.8% year over year.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a $123.43 price target, although some firms issued bullish ratings and targets as high as $155.

State Street Corp grew its stake in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,463,620 shares of the industrial products company's stock after purchasing an additional 52,860 shares during the quarter. State Street Corp owned about 2.62% of MSC Industrial Direct worth $174,098,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Elevation Wealth Partners LLC grew its holdings in MSC Industrial Direct by 89.9% during the second quarter. Elevation Wealth Partners LLC now owns 245 shares of the industrial products company's stock worth $29,000 after purchasing an additional 116 shares during the period. Parkside Financial Bank & Trust raised its stake in MSC Industrial Direct by 60.3% in the second quarter. Parkside Financial Bank & Trust now owns 319 shares of the industrial products company's stock valued at $38,000 after buying an additional 120 shares during the period. First Horizon Corp lifted its position in shares of MSC Industrial Direct by 101.0% in the first quarter. First Horizon Corp now owns 400 shares of the industrial products company's stock valued at $37,000 after buying an additional 201 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in shares of MSC Industrial Direct by 42.4% during the 4th quarter. Hantz Financial Services Inc. now owns 514 shares of the industrial products company's stock worth $43,000 after acquiring an additional 153 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of MSC Industrial Direct by 25.9% during the 4th quarter. Allworth Financial LP now owns 628 shares of the industrial products company's stock worth $53,000 after acquiring an additional 129 shares during the period. 79.26% of the stock is owned by institutional investors.

MSC Industrial Direct Stock Up 2.3%

Shares of NYSE MSM opened at $124.13 on Thursday. The company has a market cap of $6.93 billion, a price-to-earnings ratio of 29.98 and a beta of 0.83. The company has a current ratio of 1.55, a quick ratio of 0.72 and a debt-to-equity ratio of 0.06. MSC Industrial Direct Company, Inc. has a 12 month low of $78.80 and a 12 month high of $130.46. The stock has a 50-day moving average price of $121.97 and a two-hundred day moving average price of $110.98.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last released its quarterly earnings data on Wednesday, July 1st. The industrial products company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.15. MSC Industrial Direct had a net margin of 5.91% and a return on equity of 17.34%. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the prior year, the company earned $1.08 EPS. The firm's quarterly revenue was up 7.8% compared to the same quarter last year. As a group, analysts forecast that MSC Industrial Direct Company, Inc. will post 4.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MSM. KeyCorp upped their price target on shares of MSC Industrial Direct from $132.00 to $145.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded MSC Industrial Direct from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. Jefferies Financial Group set a $130.00 target price on MSC Industrial Direct in a research report on Wednesday, July 1st. Zacks Research lowered MSC Industrial Direct from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 31st. Finally, Rothschild & Co Redburn initiated coverage on MSC Industrial Direct in a report on Monday, July 13th. They set a "buy" rating and a $155.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, MSC Industrial Direct presently has an average rating of "Hold" and an average price target of $123.43.

About MSC Industrial Direct

MSC Industrial Direct Co, Inc NYSE: MSM is a distributor of metalworking and maintenance, repair and operations (MRO) supplies. The company serves industrial and institutional customers by helping them source the products, services and expertise needed to operate and maintain manufacturing facilities, equipment and workplaces.

Its product offerings include cutting tools, abrasives, fasteners, hand and power tools, safety equipment, material-handling products, janitorial supplies, plumbing and electrical items, and other industrial consumables.

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