MSC Industrial Direct (MSM) Board of Directors Declares Share Repurchase Plan

MSC Industrial Direct (NYSE:MSM) announced that its board has approved a stock repurchase program, which allows the company to buyback 2,000,000 outstanding shares on Wednesday, January 10th, EventVestor reports. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Several equities research analysts recently commented on the stock. Stephens set a $114.00 price objective on shares of MSC Industrial Direct and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus reissued a “hold” rating and set a $100.00 price objective (up previously from $98.00) on shares of MSC Industrial Direct in a research note on Friday. Susquehanna Bancshares reissued a “hold” rating and set a $92.00 price objective on shares of MSC Industrial Direct in a research note on Wednesday, January 3rd. Credit Suisse Group reissued an “outperform” rating and set a $112.00 price objective (up previously from $100.00) on shares of MSC Industrial Direct in a research note on Tuesday, January 9th. Finally, Zacks Investment Research raised shares of MSC Industrial Direct from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a research note on Wednesday, September 27th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $95.54.

MSC Industrial Direct (MSM) opened at $94.75 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. The stock has a market cap of $5,365.60, a PE ratio of 22.89, a price-to-earnings-growth ratio of 1.82 and a beta of 0.67. MSC Industrial Direct has a twelve month low of $65.42 and a twelve month high of $105.70.

MSC Industrial Direct (NYSE:MSM) last issued its earnings results on Wednesday, January 10th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.01). The firm had revenue of $768.60 million during the quarter, compared to analysts’ expectations of $770.95 million. MSC Industrial Direct had a return on equity of 19.37% and a net margin of 7.97%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm posted $0.95 earnings per share. sell-side analysts predict that MSC Industrial Direct will post 4.54 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 30th. Shareholders of record on Tuesday, January 16th will be issued a $0.58 dividend. The ex-dividend date is Friday, January 12th. This is a boost from MSC Industrial Direct’s previous quarterly dividend of $0.48. This represents a $2.32 annualized dividend and a yield of 2.45%. MSC Industrial Direct’s payout ratio is 46.38%.

In other MSC Industrial Direct news, Director Mitchell Jacobson sold 26,306 shares of MSC Industrial Direct stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $79.40, for a total value of $2,088,696.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven N. Baruch sold 5,762 shares of MSC Industrial Direct stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $81.25, for a total transaction of $468,162.50. The disclosure for this sale can be found here. Insiders sold 237,587 shares of company stock valued at $19,390,269 over the last ninety days. Corporate insiders own 31.28% of the company’s stock.

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MSC Industrial Direct Company Profile

MSC Industrial Direct Co, Inc is a North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. The Company’s range of MRO products include cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, 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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