Share Repurchase Plan Approved by MSC Industrial Direct (MSM) Board

MSC Industrial Direct (NYSE:MSM) declared that its board has initiated a stock repurchase plan, which permits the company to repurchase 2,000,000 outstanding shares on Wednesday, January 10th, EventVestor reports. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Several equities analysts recently issued reports on MSM shares. KeyCorp restated a “hold” rating on shares of MSC Industrial Direct in a report on Sunday, September 17th. Zacks Investment Research upgraded shares of MSC Industrial Direct from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a report on Thursday, September 21st. Susquehanna Bancshares started coverage on shares of MSC Industrial Direct in a report on Monday, September 25th. They set a “neutral” rating and a $77.00 price objective on the stock. Credit Suisse Group set a $93.00 price objective on shares of MSC Industrial Direct and gave the company a “buy” rating in a report on Friday, October 6th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $83.00 price objective (up previously from $79.00) on shares of MSC Industrial Direct in a report on Monday, October 9th. 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 stock. The company has a consensus rating of “Hold” and a consensus target price of $95.00.

MSC Industrial Direct (MSM) traded down $5.17 on Thursday, hitting $92.53. 2,545,300 shares of the company were exchanged, compared to its average volume of 934,357. The company has a quick ratio of 0.97, a current ratio of 1.80 and a debt-to-equity ratio of 0.16. MSC Industrial Direct has a 12 month low of $65.42 and a 12 month high of $105.70. The firm has a market cap of $5,220.00, a price-to-earnings ratio of 22.30, a PEG ratio of 1.90 and a beta of 0.67.

MSC Industrial Direct (NYSE:MSM) last posted its earnings results on Wednesday, January 10th. The industrial products company reported $1.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.01). MSC Industrial Direct had a return on equity of 19.42% and a net margin of 8.01%. The business had revenue of $768.60 million during the quarter, compared to analyst estimates of $770.95 million. During the same quarter in the prior year, the company earned $0.95 EPS. The company’s revenue was up 12.0% on a year-over-year basis. sell-side analysts predict that MSC Industrial Direct will post 4.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 30th. Investors of record on Tuesday, January 16th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Friday, January 12th. This is a positive change from MSC Industrial Direct’s previous quarterly dividend of $0.48. MSC Industrial Direct’s dividend payout ratio is currently 46.27%.

In related news, EVP Steven N. Baruch sold 5,762 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $81.25, for a total value of $468,162.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mitchell Jacobson sold 104,101 shares of the company’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $80.91, for a total transaction of $8,422,811.91. The disclosure for this sale can be found here. Insiders sold a total of 225,541 shares of company stock worth $18,264,812 in the last 90 days. 31.38% of the stock is currently owned by company insiders.

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About MSC Industrial Direct

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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