Allspring Global Investments Holdings LLC Reduces Stock Position in MSC Industrial Direct Co., Inc. (NYSE:MSM)

Allspring Global Investments Holdings LLC cut its stake in MSC Industrial Direct Co., Inc. (NYSE:MSM) by 5.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,104 shares of the industrial products company’s stock after selling 1,604 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MSC Industrial Direct were worth $2,745,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Contravisory Investment Management Inc. purchased a new stake in MSC Industrial Direct in the fourth quarter worth about $25,000. Altshuler Shaham Ltd lifted its holdings in MSC Industrial Direct by 154.8% in the fourth quarter. Altshuler Shaham Ltd now owns 800 shares of the industrial products company’s stock worth $65,000 after buying an additional 486 shares during the period. Salem Investment Counselors Inc. purchased a new stake in MSC Industrial Direct in the fourth quarter worth about $77,000. Headlands Technologies LLC purchased a new stake in MSC Industrial Direct in the third quarter worth about $93,000. Finally, USA Financial Formulas lifted its holdings in MSC Industrial Direct by 5,345.0% in the third quarter. USA Financial Formulas now owns 1,089 shares of the industrial products company’s stock worth $107,000 after buying an additional 1,069 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

MSC Industrial Direct Price Performance

Shares of NYSE MSM opened at $92.46 on Friday. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 16.60 and a beta of 0.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 2.01. The company has a 50 day simple moving average of $97.22 and a two-hundred day simple moving average of $98.04. MSC Industrial Direct Co., Inc. has a fifty-two week low of $88.14 and a fifty-two week high of $105.77.

MSC Industrial Direct (NYSE:MSM) last announced its quarterly earnings results on Thursday, March 28th. The industrial products company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.02. The company had revenue of $935.30 million during the quarter, compared to the consensus estimate of $946.55 million. MSC Industrial Direct had a net margin of 7.89% and a return on equity of 22.58%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 earnings per share. Analysts expect that MSC Industrial Direct Co., Inc. will post 5.69 EPS for the current fiscal year.

MSC Industrial Direct Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 23rd. Investors of record on Tuesday, April 9th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Monday, April 8th. MSC Industrial Direct’s dividend payout ratio (DPR) is currently 59.61%.

Insider Activity at MSC Industrial Direct

In related news, Director Mitchell Jacobson sold 18,746 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $97.63, for a total transaction of $1,830,171.98. Following the completion of the sale, the director now owns 1,846,027 shares of the company’s stock, valued at $180,227,616.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 232,003 shares of company stock valued at $22,679,413 over the last 90 days. Corporate insiders own 18.80% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stephens restated an “overweight” rating and issued a $110.00 price objective on shares of MSC Industrial Direct in a report on Monday, April 1st. KeyCorp decreased their target price on shares of MSC Industrial Direct from $105.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 10th. Finally, StockNews.com downgraded shares of MSC Industrial Direct from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $107.00.

MSC Industrial Direct Company Profile

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.