MSC Industrial Direct (NYSE:MSM) Reaches New 52-Week High – Should You Buy?

MSC Industrial Direct Company, Inc. (NYSE:MSM)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $121.64 and last traded at $118.8820, with a volume of 1080969 shares changing hands. The stock had previously closed at $116.67.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. KeyCorp increased their price objective on MSC Industrial Direct from $117.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. DA Davidson started coverage on MSC Industrial Direct in a research report on Tuesday, June 16th. They issued a “buy” rating and a $145.00 target price for the company. 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, June 23rd. Two analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, MSC Industrial Direct currently has a consensus rating of “Hold” and a consensus price target of $101.00.

MSC Industrial Direct Trading Up 1.9%

The company has a current ratio of 1.73, a quick ratio of 0.78 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $6.64 billion, a PE ratio of 31.96 and a beta of 0.84. The stock has a 50 day moving average price of $109.61 and a 200-day moving average price of $96.60.

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

MSC Industrial Direct Announces Dividend

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

Hedge Funds Weigh In On MSC Industrial Direct

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Auto Owners Insurance Co grew its position in MSC Industrial Direct by 12,181.8% during the fourth quarter. Auto Owners Insurance Co now owns 3,254,670 shares of the industrial products company’s stock valued at $273,718,000 after buying an additional 3,228,170 shares during the period. Norges Bank bought a new position in MSC Industrial Direct in the fourth quarter worth approximately $59,380,000. Alberta Investment Management Corp raised its position in MSC Industrial Direct by 213.7% in the fourth quarter. Alberta Investment Management Corp now owns 619,600 shares of the industrial products company’s stock worth $52,108,000 after acquiring an additional 422,100 shares during the period. First Trust Advisors LP boosted its stake in shares of MSC Industrial Direct by 20.9% during the 1st quarter. First Trust Advisors LP now owns 1,773,133 shares of the industrial products company’s stock worth $163,607,000 after acquiring an additional 306,436 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in shares of MSC Industrial Direct by 3,393.6% during the 4th quarter. Corient Private Wealth LLC now owns 275,432 shares of the industrial products company’s stock worth $23,164,000 after acquiring an additional 267,548 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

About MSC Industrial Direct

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.