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

Shares of MSC Industrial Direct Company, Inc. (NYSE:MSM) reached a new 52-week high during trading on Tuesday . The stock traded as high as $109.09 and last traded at $108.99, with a volume of 220383 shares changing hands. The stock had previously closed at $106.50.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of MSC Industrial Direct in a research report on Monday, April 27th. KeyCorp raised shares of MSC Industrial Direct from a “sector weight” rating to an “overweight” rating and set a $117.00 price target for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $95.00 price target on shares of MSC Industrial Direct in a research report on Friday, February 6th. iA Financial set a $95.00 price target on shares of MSC Industrial Direct in a research report on Friday, February 6th. Finally, Wall Street Zen lowered shares of MSC Industrial Direct from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $94.29.

MSC Industrial Direct Trading Up 2.2%

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.73 and a quick ratio of 0.78. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 29.53 and a beta of 0.83. The company’s fifty day moving average price is $98.35 and its 200-day moving average price is $91.72.

MSC Industrial Direct (NYSE:MSM) last posted its quarterly earnings data on Wednesday, April 1st. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.02). MSC Industrial Direct had a net margin of 5.42% and a return on equity of 16.06%. The company had revenue of $917.77 million for the quarter, compared to analyst estimates of $931.69 million. During the same quarter last year, the company earned $0.72 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. On average, research analysts expect that MSC Industrial Direct Company, Inc. will post 4.33 EPS for the current fiscal year.

MSC Industrial Direct Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 22nd. Stockholders of record on Wednesday, April 8th were issued a dividend of $0.87 per share. The ex-dividend date was Wednesday, April 8th. This represents a $3.48 annualized dividend and a dividend yield of 3.2%. MSC Industrial Direct’s dividend payout ratio is 93.55%.

Hedge Funds Weigh In On MSC Industrial Direct

Several hedge funds have recently modified their holdings of MSM. Auto Owners Insurance Co increased its holdings in shares of 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 acquiring an additional 3,228,170 shares in the last quarter. Norges Bank acquired a new position in shares of MSC Industrial Direct during the fourth quarter valued at about $59,380,000. Alberta Investment Management Corp increased its holdings in shares of MSC Industrial Direct by 213.7% during the fourth quarter. Alberta Investment Management Corp now owns 619,600 shares of the industrial products company’s stock valued at $52,108,000 after acquiring an additional 422,100 shares in the last quarter. SG Capital Management LLC increased its holdings in shares of MSC Industrial Direct by 867.0% during the third quarter. SG Capital Management LLC now owns 360,988 shares of the industrial products company’s stock valued at $33,261,000 after acquiring an additional 323,659 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of MSC Industrial Direct by 20.9% during the first quarter. First Trust Advisors LP now owns 1,773,133 shares of the industrial products company’s stock valued at $163,607,000 after acquiring an additional 306,436 shares in the last quarter. Institutional investors and hedge funds 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.