Principal Financial Group Inc. Acquires 15,230 Shares of MSC Industrial Direct Co., Inc. (NYSE:MSM)

Principal Financial Group Inc. grew its holdings in shares of MSC Industrial Direct Co., Inc. (NYSE:MSMGet Rating) by 6.6% during the second quarter, Holdings Channel reports. The firm owned 245,244 shares of the industrial products company’s stock after purchasing an additional 15,230 shares during the period. Principal Financial Group Inc.’s holdings in MSC Industrial Direct were worth $18,420,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allworth Financial LP bought a new position in MSC Industrial Direct in the 2nd quarter worth $38,000. Bogart Wealth LLC bought a new position in MSC Industrial Direct in the 2nd quarter worth $59,000. Geneos Wealth Management Inc. raised its holdings in MSC Industrial Direct by 46.4% in the 2nd quarter. Geneos Wealth Management Inc. now owns 805 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 255 shares during the period. EverSource Wealth Advisors LLC raised its holdings in MSC Industrial Direct by 500.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 805 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 671 shares during the period. Finally, Janiczek Wealth Management LLC raised its holdings in MSC Industrial Direct by 110.5% in the 2nd quarter. Janiczek Wealth Management LLC now owns 821 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 431 shares during the period. Institutional investors own 76.00% of the company’s stock.

MSC Industrial Direct Price Performance

Shares of MSC Industrial Direct stock opened at $85.47 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.14 and a current ratio of 2.13. The firm’s 50-day simple moving average is $78.71 and its 200-day simple moving average is $79.57. MSC Industrial Direct Co., Inc. has a twelve month low of $71.32 and a twelve month high of $87.99. The firm has a market cap of $4.78 billion, a P/E ratio of 14.08, a price-to-earnings-growth ratio of 2.81 and a beta of 1.04.

MSC Industrial Direct (NYSE:MSMGet Rating) last issued its earnings results on Thursday, October 20th. The industrial products company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.02. MSC Industrial Direct had a net margin of 9.20% and a return on equity of 27.04%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the business earned $1.26 EPS. The firm’s revenue was up 23.0% on a year-over-year basis. As a group, research analysts expect that MSC Industrial Direct Co., Inc. will post 6.07 EPS for the current fiscal year.

MSC Industrial Direct Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 29th. Stockholders of record on Tuesday, November 15th will be given a dividend of $0.79 per share. This is a positive change from MSC Industrial Direct’s previous quarterly dividend of $0.75. This represents a $3.16 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Monday, November 14th. MSC Industrial Direct’s payout ratio is 52.06%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MSM. Jefferies Financial Group restated a “hold” rating and issued a $84.00 price target on shares of MSC Industrial Direct in a research report on Monday, October 17th. StockNews.com began coverage on shares of MSC Industrial Direct in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. Finally, KeyCorp decreased their price target on shares of MSC Industrial Direct from $100.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, October 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, MSC Industrial Direct currently has an average rating of “Moderate Buy” and a consensus price target of $94.00.

MSC Industrial Direct Profile

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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, and the United Kingdom. Its 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.

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Institutional Ownership by Quarter for MSC Industrial Direct (NYSE:MSM)

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