MSC Industrial Direct Company, Inc. (MSM) Upgraded to Buy by Zacks Investment Research
MSC Industrial Direct Company, Inc. (NYSE:MSM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $85.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 13.02% from the stock’s previous close.
According to Zacks, “MSC Industrial Direct Company Inc. is one of the largest direct marketers of a broad range of industrial products to small and mid-sized industrial customers throughout the United States. The company distributes a full line of industrial products, such as cutting tools, abrasives, measuring instruments, machine tool accessories, safety equipment, fasteners, welding supplies and electrical supplies, intended to satisfy the customers’ maintenance, repair and operations supplies requirements. “
MSM has been the subject of several other research reports. Credit Suisse Group cut their price objective on MSC Industrial Direct from $100.00 to $93.00 and set an “outperform” rating for the company in a research report on Thursday, July 13th. BMO Capital Markets cut their price objective on MSC Industrial Direct from $98.00 to $87.00 and set a “market perform” rating for the company in a research report on Friday, July 14th. Robert W. Baird reiterated a “neutral” rating and issued a $85.00 price objective (down previously from $92.00) on shares of MSC Industrial Direct in a research report on Thursday, July 13th. BidaskClub upgraded MSC Industrial Direct from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Finally, Susquehanna Bancshares Inc initiated coverage on MSC Industrial Direct in a research report on Monday, September 25th. They issued a “neutral” rating and a $77.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $89.23.
MSC Industrial Direct (MSM) opened at 75.21 on Wednesday. MSC Industrial Direct has a one year low of $65.42 and a one year high of $105.70. The stock’s 50 day moving average price is $71.78 and its 200-day moving average price is $80.78. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 18.76 and a beta of 0.54.
MSC Industrial Direct (NYSE:MSM) last issued its quarterly earnings data on Wednesday, July 12th. The industrial products company reported $1.09 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.09. MSC Industrial Direct had a return on equity of 20.05% and a net margin of 8.07%. The firm had revenue of $743.90 million during the quarter, compared to the consensus estimate of $744.49 million. During the same quarter in the previous year, the company posted $1.05 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that MSC Industrial Direct will post $3.97 earnings per share for the current fiscal year.
In other news, Director Philip Peller bought 1,000 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was bought at an average price of $72.00 per share, for a total transaction of $72,000.00. Following the completion of the transaction, the director now directly owns 2,422 shares in the company, valued at approximately $174,384. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 31.28% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Brookstone Capital Management bought a new stake in shares of MSC Industrial Direct during the second quarter worth $281,000. Alliancebernstein L.P. raised its position in shares of MSC Industrial Direct by 267.2% during the second quarter. Alliancebernstein L.P. now owns 1,441,259 shares of the industrial products company’s stock worth $123,891,000 after acquiring an additional 1,048,714 shares during the last quarter. Westpac Banking Corp raised its position in shares of MSC Industrial Direct by 7.3% during the second quarter. Westpac Banking Corp now owns 69,500 shares of the industrial products company’s stock worth $5,974,000 after acquiring an additional 4,700 shares during the last quarter. Oak Ridge Investments LLC raised its position in shares of MSC Industrial Direct by 37.8% during the second quarter. Oak Ridge Investments LLC now owns 14,710 shares of the industrial products company’s stock worth $1,264,000 after acquiring an additional 4,035 shares during the last quarter. Finally, State Street Corp raised its position in shares of MSC Industrial Direct by 1.7% during the first quarter. State Street Corp now owns 1,203,471 shares of the industrial products company’s stock worth $123,670,000 after acquiring an additional 20,473 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.
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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