PNC Financial Services Group Inc. Cuts Stake in MSC Industrial Direct Co., Inc. (NYSE:MSM)

PNC Financial Services Group Inc. lessened its stake in MSC Industrial Direct Co., Inc. (NYSE:MSM) by 45.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,856 shares of the industrial products company’s stock after selling 1,568 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MSC Industrial Direct were worth $188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in MSC Industrial Direct in the fourth quarter worth about $56,088,000. Hennessy Advisors Inc. purchased a new position in MSC Industrial Direct in the 4th quarter worth approximately $21,649,000. Vanguard Group Inc. raised its holdings in MSC Industrial Direct by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,817,016 shares of the industrial products company’s stock worth $472,790,000 after acquiring an additional 197,193 shares during the last quarter. Pacer Advisors Inc. lifted its position in MSC Industrial Direct by 23.0% in the 4th quarter. Pacer Advisors Inc. now owns 605,437 shares of the industrial products company’s stock valued at $61,307,000 after acquiring an additional 113,068 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in MSC Industrial Direct by 14.8% during the 4th quarter. Capital Research Global Investors now owns 775,000 shares of the industrial products company’s stock valued at $78,476,000 after purchasing an additional 100,000 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

MSC Industrial Direct Price Performance

NYSE:MSM opened at $80.09 on Wednesday. The business’s 50-day simple moving average is $86.66 and its two-hundred day simple moving average is $93.78. MSC Industrial Direct Co., Inc. has a 52 week low of $75.05 and a 52 week high of $105.77. The stock has a market cap of $4.51 billion, a PE ratio of 14.38 and a beta of 0.88. The company has a quick ratio of 0.92, a current ratio of 2.01 and a debt-to-equity ratio of 0.21.

MSC Industrial Direct (NYSE:MSM) last issued its earnings results on Tuesday, July 2nd. The industrial products company reported $1.33 earnings per share (EPS) for the quarter, meeting 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 company had revenue of $979.40 million for the quarter, compared to the consensus estimate of $979.10 million. During the same quarter last year, the company earned $1.74 EPS. The firm’s quarterly revenue was down 7.1% on a year-over-year basis. As a group, analysts forecast 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 announced 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 is Tuesday, July 9th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.15%. MSC Industrial Direct’s dividend payout ratio is 59.61%.

Wall Street Analysts Forecast Growth

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

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.