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

Allspring Global Investments Holdings LLC lowered its stake in shares of MSC Industrial Direct Co., Inc. (NYSE:MSM) by 29.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,199 shares of the industrial products company’s stock after selling 7,905 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in MSC Industrial Direct were worth $1,863,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MSM. Contravisory Investment Management Inc. purchased a new stake in MSC Industrial Direct in the fourth quarter valued at approximately $25,000. Future Financial Wealth Managment LLC purchased a new stake in MSC Industrial Direct in the 1st quarter valued at $29,000. GAMMA Investing LLC acquired a new stake in MSC Industrial Direct during the 4th quarter worth $40,000. Quarry LP purchased a new position in MSC Industrial Direct during the 4th quarter worth $40,000. Finally, Salem Investment Counselors Inc. acquired a new position in MSC Industrial Direct in the fourth quarter valued at $77,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

MSC Industrial Direct Price Performance

MSM stock opened at $80.09 on Wednesday. MSC Industrial Direct Co., Inc. has a 12-month low of $75.05 and a 12-month high of $105.77. The company has a market cap of $4.51 billion, a price-to-earnings ratio of 14.38 and a beta of 0.88. The firm has a 50 day moving average of $86.66 and a 200-day moving average of $93.78. The company has a current ratio of 2.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21.

MSC Industrial Direct (NYSE:MSM) last released its quarterly earnings results on Tuesday, July 2nd. The industrial products company reported $1.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.33. MSC Industrial Direct had a return on equity of 22.58% and a net margin of 7.89%. The business had revenue of $979.40 million during the quarter, compared to the consensus estimate of $979.10 million. During the same quarter in the previous year, the company posted $1.74 EPS. The business’s revenue was down 7.1% on a year-over-year basis. As a group, equities analysts expect that MSC Industrial Direct Co., Inc. will post 4.89 EPS for the current fiscal year.

MSC Industrial Direct Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Tuesday, July 9th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $3.32 annualized dividend and a dividend yield of 4.15%. MSC Industrial Direct’s dividend payout ratio is currently 59.61%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MSM. Robert W. Baird dropped their price target on MSC Industrial Direct from $95.00 to $84.00 and set a “neutral” rating on the stock in a research report on Friday, June 14th. Loop Capital cut shares of MSC Industrial Direct from a “buy” rating to a “hold” rating and set a $80.00 price objective on the stock. in a research note on Monday, June 17th. StockNews.com cut shares of MSC Industrial Direct from a “buy” rating to a “hold” rating in a research note on Saturday, June 8th. Stephens reissued an “overweight” rating and set a $110.00 price target on shares of MSC Industrial Direct in a report on Friday, June 14th. Finally, Baird R W lowered MSC Industrial Direct from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 29th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, MSC Industrial Direct currently has an average rating of “Hold” and a consensus target price of $94.00.

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.