MSC Industrial Direct (MSM) will pay a special dividend of $5.00 per share, together with the regular quarterly dividend of $0.75 per share. Earlier this year the distributor of MRO products and services had already hiked its dividend by 19.0 percent.
The special cash dividend is payable on February 5, 2020 to shareholders of record at the close of business on January 22, 2020. The ex-dividend date is January 21, 2020. The Company will initially fund the approximately $277 million required for the special cash dividend from cash on hand and its revolving credit facility.
The regular dividend of $3.00 per share annually yields 4.0% at a stock price of $75.82. The special dividend will yield approximately 6.7% at current stock prices. MSM has hiked its regular dividend for 17 consecutive years.
MSC Industrial Direct Co., Inc. is a North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. The company serves customers throughout the United States, Canada and the United Kingdom, from individual machine shops, to Fortune 100 manufacturing companies, to government agencies such as the General Services Administration and the Department of Defense. MSM initiated its quarterly dividend in 2003.
2022