MSC Industrial Direct (NYSE:MSM) Sets New 52-Week High – Here’s Why

MSC Industrial Direct Company, Inc. (NYSE:MSM) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $119.38 and last traded at $119.1960, with a volume of 49612 shares changing hands. The stock had previously closed at $116.55.

Analysts Set New Price Targets

Several equities analysts have issued reports on MSM shares. KeyCorp lifted their target price on MSC Industrial Direct from $117.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. DA Davidson started coverage on shares of MSC Industrial Direct in a research report on Tuesday, June 16th. They issued a “buy” rating and a $145.00 price objective on the stock. Finally, Weiss Ratings upgraded shares of MSC Industrial Direct from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $101.00.

MSC Industrial Direct Stock Performance

The business’s 50-day simple moving average is $108.73 and its two-hundred day simple moving average is $96.00. The company has a quick ratio of 0.78, a current ratio of 1.73 and a debt-to-equity ratio of 0.14. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 31.79 and a beta of 0.84.

MSC Industrial Direct (NYSE:MSM) last issued its quarterly earnings results on Wednesday, April 1st. The industrial products company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.02). The company had revenue of $917.77 million during the quarter, compared to analysts’ expectations of $931.69 million. MSC Industrial Direct had a return on equity of 16.06% and a net margin of 5.42%.MSC Industrial Direct’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 EPS. As a group, sell-side analysts expect that MSC Industrial Direct Company, Inc. will post 4.36 earnings per share for the current fiscal year.

MSC Industrial Direct Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 22nd. Stockholders of record on Wednesday, July 8th will be given a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, July 8th. MSC Industrial Direct’s dividend payout ratio is 93.55%.

Institutional Trading of MSC Industrial Direct

A number of hedge funds have recently bought and sold shares of MSM. First Horizon Corp boosted its holdings in shares of MSC Industrial Direct by 101.0% during the 1st quarter. First Horizon Corp now owns 400 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 201 shares during the last quarter. Hantz Financial Services Inc. boosted its position in shares of MSC Industrial Direct by 42.4% during the 4th quarter. Hantz Financial Services Inc. now owns 514 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 153 shares during the last quarter. Quarry LP increased its position in MSC Industrial Direct by 71.7% during the third quarter. Quarry LP now owns 503 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 210 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in MSC Industrial Direct during the fourth quarter worth about $48,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in MSC Industrial Direct by 130.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 576 shares of the industrial products company’s stock valued at $49,000 after purchasing an additional 326 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

MSC Industrial Direct Company Profile

MSC Industrial Direct Co, Inc (NYSE: MSM) is a leading distributor of metalworking and maintenance, repair and operations (MRO) products serving a broad range of industrial customers across North America. The company offers an extensive portfolio of cutting tools, abrasives, measuring and inspection instruments, fasteners, safety supplies and other essential components used in manufacturing, metalworking and production environments. MSC delivers products through a multi-channel distribution network, including an extensive branch system, e-commerce platform and dedicated sales force.

In addition to its core product offerings, MSC Industrial Direct provides value-added services designed to improve productivity and reduce downtime for its customers.