MSC Industrial Direct (NYSE:MSM) Shares Gap Down After Earnings Miss

MSC Industrial Direct Company, Inc. (NYSE:MSM) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $92.27, but opened at $88.58. MSC Industrial Direct shares last traded at $90.6820, with a volume of 118,589 shares changing hands.

The industrial products company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). The firm had revenue of $917.77 million during the quarter, compared to analysts’ expectations of $931.69 million. MSC Industrial Direct had a net margin of 5.37% and a return on equity of 15.73%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.72 earnings per share.

MSC Industrial Direct Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 8th will be paid a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Wednesday, April 8th. MSC Industrial Direct’s dividend payout ratio (DPR) is 95.08%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MSM shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $95.00 target price on shares of MSC Industrial Direct in a research report on Friday, February 6th. Jefferies Financial Group restated a “hold” rating and issued a $85.00 price target on shares of MSC Industrial Direct in a research note on Thursday, January 8th. Wall Street Zen cut shares of MSC Industrial Direct from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. iA Financial set a $95.00 price objective on shares of MSC Industrial Direct in a report on Friday, February 6th. Finally, KeyCorp reissued a “sector weight” rating on shares of MSC Industrial Direct in a research report on Thursday, January 8th. Nine analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $90.50.

Institutional Investors Weigh In On MSC Industrial Direct

A number of institutional investors have recently made changes to their positions in MSM. Auto Owners Insurance Co lifted its stake in MSC Industrial Direct by 12,181.8% during the fourth quarter. Auto Owners Insurance Co now owns 3,254,670 shares of the industrial products company’s stock worth $273,718,000 after purchasing an additional 3,228,170 shares during the last quarter. Norges Bank bought a new stake in MSC Industrial Direct during the fourth quarter valued at $59,380,000. Alberta Investment Management Corp raised its holdings in shares of MSC Industrial Direct by 213.7% during the fourth quarter. Alberta Investment Management Corp now owns 619,600 shares of the industrial products company’s stock worth $52,108,000 after purchasing an additional 422,100 shares during the period. SG Capital Management LLC raised its holdings in shares of MSC Industrial Direct by 867.0% during the third quarter. SG Capital Management LLC now owns 360,988 shares of the industrial products company’s stock worth $33,261,000 after purchasing an additional 323,659 shares during the period. Finally, Corient Private Wealth LLC lifted its position in shares of MSC Industrial Direct by 3,393.6% in the 4th quarter. Corient Private Wealth LLC now owns 275,432 shares of the industrial products company’s stock worth $23,164,000 after buying an additional 267,548 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

MSC Industrial Direct Stock Performance

The stock’s 50-day moving average price is $90.75 and its 200-day moving average price is $88.30. The company has a current ratio of 1.73, a quick ratio of 0.82 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $4.99 billion, a P/E ratio of 24.42 and a beta of 0.81.

MSC Industrial Direct Company Profile

MSC Industrial Direct Co, Inc (NYSE: MSM) is a leading distributor of metalworking and maintenance, repair and operations (MRO) products serving a broad range of industrial customers across North America. The company offers an extensive portfolio of cutting tools, abrasives, measuring and inspection instruments, fasteners, safety supplies and other essential components used in manufacturing, metalworking and production environments. MSC delivers products through a multi-channel distribution network, including an extensive branch system, e-commerce platform and dedicated sales force.

In addition to its core product offerings, MSC Industrial Direct provides value-added services designed to improve productivity and reduce downtime for its customers.