Allspring Global Investments Holdings LLC Sells 72,697 Shares of MSC Industrial Direct Company, Inc. (NYSE:MSM)

Allspring Global Investments Holdings LLC trimmed its stake in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM) by 44.1% during the first quarter, Holdings Channel.com reports. The firm owned 92,298 shares of the industrial products company’s stock after selling 72,697 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MSC Industrial Direct were worth $7,183,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. American Century Companies Inc. raised its position in MSC Industrial Direct by 6.0% in the 4th quarter. American Century Companies Inc. now owns 3,418,260 shares of the industrial products company’s stock worth $255,310,000 after purchasing an additional 193,860 shares during the last quarter. First Trust Advisors LP raised its position in shares of MSC Industrial Direct by 29.2% during the fourth quarter. First Trust Advisors LP now owns 1,987,455 shares of the industrial products company’s stock worth $148,443,000 after acquiring an additional 448,708 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of MSC Industrial Direct by 8.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,693,256 shares of the industrial products company’s stock worth $126,469,000 after acquiring an additional 126,218 shares during the last quarter. Boston Partners boosted its holdings in MSC Industrial Direct by 7.2% in the fourth quarter. Boston Partners now owns 1,434,415 shares of the industrial products company’s stock valued at $107,168,000 after acquiring an additional 96,335 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in MSC Industrial Direct by 127.5% in the fourth quarter. Invesco Ltd. now owns 1,206,811 shares of the industrial products company’s stock valued at $90,137,000 after acquiring an additional 676,238 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on MSM. Robert W. Baird lifted their price target 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. Industrial Alliance Securities set a $89.00 price target on MSC Industrial Direct in a research note on Tuesday, May 27th. Loop Capital lifted their price objective on MSC Industrial Direct from $74.00 to $84.00 and gave the stock a “hold” rating in a research note on Wednesday. Wolfe Research upgraded MSC Industrial Direct to a “strong-buy” rating in a report on Sunday, April 6th. Finally, JPMorgan Chase & Co. upgraded MSC Industrial Direct from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $73.00 to $89.00 in a research report on Tuesday, May 27th. 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 MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $90.33.

Insider Buying and Selling

In related news, Director Mitchell Jacobson purchased 27,642 shares of MSC Industrial Direct stock in a transaction dated Tuesday, April 8th. The stock was bought at an average price of $69.77 per share, for a total transaction of $1,928,582.34. Following the completion of the acquisition, the director directly owned 1,951,725 shares of the company’s stock, valued at $136,171,853.25. This represents a 1.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.30% of the company’s stock.

MSC Industrial Direct Price Performance

MSM opened at $89.97 on Friday. The stock has a market cap of $5.01 billion, a P/E ratio of 25.42 and a beta of 0.87. MSC Industrial Direct Company, Inc. has a 12 month low of $68.10 and a 12 month high of $90.85. The company has a quick ratio of 0.88, a current ratio of 1.92 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $81.07 and a 200 day simple moving average of $79.49.

MSC Industrial Direct (NYSE:MSM) last announced its quarterly earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.05. MSC Industrial Direct had a return on equity of 14.99% and a net margin of 5.30%. The company had revenue of $971.15 million during the quarter, compared to the consensus estimate of $969.72 million. During the same period in the prior year, the company earned $1.33 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. On average, research analysts expect that MSC Industrial Direct Company, Inc. will post 3.57 EPS for the current year.

MSC Industrial Direct Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, July 9th. This represents a $3.40 annualized dividend and a yield of 3.78%. MSC Industrial Direct’s dividend payout ratio (DPR) is currently 89.71%.

MSC Industrial Direct 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.