MSC Industrial Direct (NYSE:MSM) Posts Earnings Results, Beats Expectations By $0.02 EPS

MSC Industrial Direct (NYSE:MSM) announced its earnings results on Thursday. The industrial products company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.16 by $0.02, Briefing.com reports. The business had revenue of $935.30 million during the quarter, compared to analysts’ expectations of $946.55 million. MSC Industrial Direct had a net margin of 8.27% and a return on equity of 23.46%. The firm’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.45 earnings per share.

MSC Industrial Direct Price Performance

Shares of MSM opened at $97.04 on Friday. The firm has a market capitalization of $5.47 billion, a PE ratio of 16.50 and a beta of 0.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.02 and a quick ratio of 0.89. The company’s 50-day moving average is $98.62 and its 200-day moving average is $98.30. MSC Industrial Direct has a fifty-two week low of $82.09 and a fifty-two week high of $105.77.

MSC Industrial Direct Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 23rd. Shareholders of record on Tuesday, April 9th will be given a dividend of $0.83 per share. The ex-dividend date is Monday, April 8th. This represents a $3.32 dividend on an annualized basis and a yield of 3.42%. MSC Industrial Direct’s dividend payout ratio (DPR) is 56.46%.

Analysts Set New Price Targets

Separately, KeyCorp lowered their target price on shares of MSC Industrial Direct from $105.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 10th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, MSC Industrial Direct currently has an average rating of “Moderate Buy” and an average price target of $105.00.

Insider Buying and Selling

In other MSC Industrial Direct news, CEO Erik Gershwind sold 7,500 shares of the stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $96.00, for a total value of $720,000.00. Following the transaction, the chief executive officer now directly owns 1,432,038 shares of the company’s stock, valued at approximately $137,475,648. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Mitchell Jacobson sold 51,040 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $97.31, for a total transaction of $4,966,702.40. Following the transaction, the director now directly owns 1,907,271 shares of the company’s stock, valued at $185,596,541.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Erik Gershwind sold 7,500 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $96.00, for a total value of $720,000.00. Following the sale, the chief executive officer now directly owns 1,432,038 shares in the company, valued at approximately $137,475,648. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,503 shares of company stock valued at $24,841,663. Company insiders own 18.80% of the company’s stock.

Hedge Funds Weigh In On MSC Industrial Direct

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd lifted its stake in MSC Industrial Direct by 154.8% during the fourth quarter. Altshuler Shaham Ltd now owns 800 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 486 shares during the last quarter. KBC Group NV acquired a new stake in MSC Industrial Direct in the fourth quarter valued at about $93,000. Point72 Europe London LLP bought a new position in MSC Industrial Direct in the fourth quarter valued at about $121,000. Point72 Hong Kong Ltd raised its stake in MSC Industrial Direct by 224.5% during the first quarter. Point72 Hong Kong Ltd now owns 1,441 shares of the industrial products company’s stock worth $123,000 after acquiring an additional 997 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of MSC Industrial Direct by 115.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,514 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 812 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

About MSC Industrial Direct

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.