MSC Industrial Direct (NYSE:MSM) Shares Gap Down – Here’s Why

MSC Industrial Direct Co., Inc. (NYSE:MSM) gapped down before the market opened on Thursday . The stock had previously closed at $80.84, but opened at $78.00. MSC Industrial Direct shares last traded at $78.35, with a volume of 273,287 shares.

Wall Street Analyst Weigh In

MSM has been the subject of several research analyst reports. Loop Capital lowered their target price on MSC Industrial Direct from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. lowered their target price on MSC Industrial Direct from $81.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, July 3rd. Finally, Robert W. Baird boosted their price target on MSC Industrial Direct from $84.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $91.60.

MSC Industrial Direct Price Performance

The company has a fifty day moving average of $82.09 and a 200 day moving average of $84.52. The firm has a market capitalization of $4.34 billion, a P/E ratio of 14.97 and a beta of 0.86. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.01 and a quick ratio of 0.92.

MSC Industrial Direct Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, November 13th. This is a positive change from MSC Industrial Direct’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 4.40%. MSC Industrial Direct’s payout ratio is 66.02%.

Hedge Funds Weigh In On MSC Industrial Direct

A number of institutional investors have recently modified their holdings of MSM. Quent Capital LLC grew its stake in MSC Industrial Direct by 57.0% in the 3rd quarter. Quent Capital LLC now owns 372 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 135 shares during the period. Arizona State Retirement System grew its position in MSC Industrial Direct by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 12,609 shares of the industrial products company’s stock worth $1,000,000 after acquiring an additional 209 shares during the last quarter. UMB Bank n.a. grew its position in shares of MSC Industrial Direct by 442.1% in the 3rd 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 last quarter. Matrix Trust Co boosted its position in shares of MSC Industrial Direct by 121.1% during the third quarter. Matrix Trust Co now owns 462 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 253 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of MSC Industrial Direct by 261.7% during the first quarter. Bessemer Group Inc. now owns 387 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 280 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

MSC Industrial Direct Company Profile

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.