Raymond James Financial Reiterates Outperform Rating for MSC Industrial Direct (MSM)
Raymond James Financial reiterated their outperform rating on shares of MSC Industrial Direct (NYSE:MSM) in a research note issued to investors on Thursday, January 4th, Marketbeat Ratings reports. The brokerage currently has a $105.00 price target on the industrial products company’s stock, up from their previous price target of $95.00. The analysts noted that the move was a valuation call.
Other research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of MSC Industrial Direct from a buy rating to a hold rating in a research note on Tuesday, October 17th. KeyCorp restated a hold rating on shares of MSC Industrial Direct in a research note on Sunday, September 17th. BMO Capital Markets restated a market perform rating on shares of MSC Industrial Direct in a research note on Tuesday, September 12th. TheStreet upgraded shares of MSC Industrial Direct from a c+ rating to a b- rating in a research note on Tuesday, November 28th. Finally, Credit Suisse Group set a $93.00 price target on shares of MSC Industrial Direct and gave the company a buy rating in a research note on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $95.92.
MSC Industrial Direct (MSM) traded down $1.44 during trading hours on Thursday, reaching $94.81. 144,026 shares of the company were exchanged, compared to its average volume of 984,254. MSC Industrial Direct has a 12 month low of $65.42 and a 12 month high of $105.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.04. The stock has a market capitalization of $5,569.95, a PE ratio of 23.83, a price-to-earnings-growth ratio of 1.45 and a beta of 0.67.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 30th. Stockholders of record on Tuesday, January 16th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, January 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.45%. This is a positive change from MSC Industrial Direct’s previous quarterly dividend of $0.48. MSC Industrial Direct’s dividend payout ratio is presently 56.04%.
MSC Industrial Direct announced that its board has authorized a share buyback program on Wednesday, January 10th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Erik Gershwind sold 104,252 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $93.96, for a total value of $9,795,517.92. Following the sale, the insider now owns 117,885 shares in the company, valued at $11,076,474.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mitchell Jacobson sold 362,753 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $94.09, for a total transaction of $34,131,429.77. Following the completion of the sale, the director now owns 90,000 shares in the company, valued at approximately $8,468,100. The disclosure for this sale can be found here. Insiders sold 1,008,978 shares of company stock worth $92,347,860 in the last quarter. Company insiders own 31.38% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Cerebellum GP LLC acquired a new stake in MSC Industrial Direct during the fourth quarter valued at $127,000. Cutler Group LP grew its position in MSC Industrial Direct by 457.8% during the fourth quarter. Cutler Group LP now owns 1,431 shares of the industrial products company’s stock valued at $138,000 after buying an additional 1,831 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in MSC Industrial Direct by 8.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,539 shares of the industrial products company’s stock valued at $132,000 after buying an additional 123 shares during the period. PNC Financial Services Group Inc. grew its position in MSC Industrial Direct by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,577 shares of the industrial products company’s stock valued at $136,000 after buying an additional 8 shares during the period. Finally, QS Investors LLC grew its position in MSC Industrial Direct by 0.5% during the second quarter. QS Investors LLC now owns 1,749 shares of the industrial products company’s stock valued at $150,000 after buying an additional 8 shares during the period. Institutional investors own 75.35% of the company’s stock.
About MSC Industrial Direct
MSC Industrial Direct Co, Inc is a North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. The Company’s range of MRO products include cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, 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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