Principal Financial Group Inc. Cuts Holdings in MSC Industrial Direct Co., Inc. (NYSE:MSM)

Principal Financial Group Inc. trimmed its holdings in shares of MSC Industrial Direct Co., Inc. (NYSE:MSM) by 31.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 104,109 shares of the industrial products company’s stock after selling 47,804 shares during the quarter. Principal Financial Group Inc.’s holdings in MSC Industrial Direct were worth $8,960,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. V Square Quantitative Management LLC purchased a new position in MSC Industrial Direct in the third quarter worth $26,000. UMB Bank n.a. lifted its stake in shares of MSC Industrial Direct by 442.1% during the third quarter. UMB Bank n.a. now owns 309 shares of the industrial products company’s stock worth $27,000 after buying an additional 252 shares during the period. Blue Trust Inc. lifted its stake in shares of MSC Industrial Direct by 1,142.3% during the second quarter. Blue Trust Inc. now owns 323 shares of the industrial products company’s stock worth $26,000 after buying an additional 297 shares during the period. Ridgewood Investments LLC acquired a new stake in shares of MSC Industrial Direct during the second quarter worth $26,000. Finally, Quest Partners LLC lifted its stake in shares of MSC Industrial Direct by 35,300.0% during the second quarter. Quest Partners LLC now owns 354 shares of the industrial products company’s stock worth $28,000 after buying an additional 353 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

MSC Industrial Direct Price Performance

MSC Industrial Direct stock opened at $82.44 on Tuesday. The firm has a market cap of $4.61 billion, a PE ratio of 18.00 and a beta of 0.87. MSC Industrial Direct Co., Inc. has a 52-week low of $75.05 and a 52-week high of $104.76. The company has a quick ratio of 0.90, a current ratio of 1.96 and a debt-to-equity ratio of 0.20. The company’s 50 day moving average is $83.15 and its two-hundred day moving average is $83.36.

MSC Industrial Direct (NYSE:MSM) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.05). MSC Industrial Direct had a net margin of 6.77% and a return on equity of 19.35%. The firm had revenue of $952.30 million during the quarter, compared to analysts’ expectations of $959.74 million. During the same period in the prior year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, research analysts expect that MSC Industrial Direct Co., Inc. will post 3.65 EPS for the current fiscal year.

MSC Industrial Direct Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.85 per share. This is an increase from MSC Industrial Direct’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Wednesday, November 13th. MSC Industrial Direct’s dividend payout ratio (DPR) is presently 74.24%.

Insiders Place Their Bets

In other news, CEO Erik Gershwind sold 50,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $90.36, for a total value of $4,518,000.00. Following the completion of the sale, the chief executive officer now owns 1,402,849 shares in the company, valued at approximately $126,761,435.64. This trade represents a 3.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Philip Peller sold 900 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $89.07, for a total transaction of $80,163.00. Following the completion of the sale, the director now owns 4,044 shares of the company’s stock, valued at $360,199.08. This trade represents a 18.20 % decrease in their position. The disclosure for this sale can be found here. 18.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Robert W. Baird lifted their price objective on shares of MSC Industrial Direct from $84.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price objective on shares of MSC Industrial Direct from $87.00 to $73.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $90.20.

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.