M&T Bank Corp cut its stake in MSC Industrial Direct Co Inc (NYSE:MSM) by 33.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,978 shares of the industrial products company’s stock after selling 2,477 shares during the quarter. M&T Bank Corp’s holdings in MSC Industrial Direct were worth $390,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC grew its position in shares of MSC Industrial Direct by 76.1% during the third quarter. Parallel Advisors LLC now owns 361 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 156 shares during the last quarter. Texas Permanent School Fund increased its stake in MSC Industrial Direct by 0.6% in the 4th quarter. Texas Permanent School Fund now owns 30,811 shares of the industrial products company’s stock valued at $2,418,000 after buying an additional 177 shares during the period. State of Michigan Retirement System increased its stake in MSC Industrial Direct by 1.5% in the 4th quarter. State of Michigan Retirement System now owns 13,300 shares of the industrial products company’s stock valued at $1,044,000 after buying an additional 200 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in MSC Industrial Direct by 18.9% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 1,425 shares of the industrial products company’s stock worth $103,000 after buying an additional 227 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in MSC Industrial Direct by 9.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,222 shares of the industrial products company’s stock worth $234,000 after buying an additional 282 shares during the last quarter. Institutional investors and hedge funds own 75.74% of the company’s stock.
In other MSC Industrial Direct news, CFO Rustom Jilla sold 19,522 shares of the business’s stock in a transaction on Thursday, January 9th. The stock was sold at an average price of $75.84, for a total transaction of $1,480,548.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Douglas E. Jones sold 1,372 shares of the company’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $79.00, for a total value of $108,388.00. The disclosure for this sale can be found here. Insiders have sold 74,478 shares of company stock worth $5,712,323 over the last 90 days. 28.75% of the stock is currently owned by company insiders.
MSC Industrial Direct (NYSE:MSM) last posted its quarterly earnings results on Wednesday, January 8th. The industrial products company reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.04. The business had revenue of $823.60 million for the quarter, compared to analysts’ expectations of $820.84 million. MSC Industrial Direct had a net margin of 8.35% and a return on equity of 19.67%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 EPS. On average, research analysts forecast that MSC Industrial Direct Co Inc will post 4.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 22nd were given a dividend of $0.75 per share. The ex-dividend date was Tuesday, January 21st. This represents a $3.00 annualized dividend and a yield of 4.91%. MSC Industrial Direct’s payout ratio is currently 56.71%.
MSM has been the topic of a number of recent analyst reports. Raymond James lowered shares of MSC Industrial Direct from a “market perform” rating to an “underperform” rating in a research note on Thursday, November 7th. Zacks Investment Research downgraded shares of MSC Industrial Direct from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Finally, Buckingham Research lowered their price objective on MSC Industrial Direct from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $75.89.
MSC Industrial Direct Company Profile
MSC Industrial Direct Co, Inc, together with its subsidiaries, distributes metalworking and maintenance, repair, and operations (MRO) products in the United States, Canada, and the United Kingdom. The company's MRO products comprise 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.
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