MSC Industrial Direct (NYSE:MSM) Sets New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

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

MSC Industrial Direct Stock Up 2.3%

The business has a 50-day simple moving average of $107.79 and a 200-day simple moving average of $95.59. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.78 and a current ratio of 1.73. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 32.09 and a beta of 0.84.

MSC Industrial Direct (NYSE:MSM) last announced 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). MSC Industrial Direct had a return on equity of 16.06% and a net margin of 5.42%.The company had revenue of $917.77 million for the quarter, compared to analyst estimates of $931.69 million. During the same period in the prior year, the firm posted $0.72 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts anticipate that MSC Industrial Direct Company, Inc. will post 4.36 earnings per share for the current fiscal year.

MSC Industrial Direct Dividend Announcement

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

Institutional Investors Weigh In On MSC Industrial Direct

A number of large investors have recently modified their holdings of the company. Royal Bank of Canada lifted its position in shares of MSC Industrial Direct by 4.8% during the 1st quarter. Royal Bank of Canada now owns 46,990 shares of the industrial products company’s stock worth $3,650,000 after purchasing an additional 2,164 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in MSC Industrial Direct in the first quarter valued at $455,000. NewEdge Advisors LLC raised its stake in MSC Industrial Direct by 79.9% in the first quarter. NewEdge Advisors LLC now owns 750 shares of the industrial products company’s stock valued at $58,000 after buying an additional 333 shares in the last quarter. United Services Automobile Association acquired a new stake in MSC Industrial Direct in the first quarter valued at $229,000. Finally, Empowered Funds LLC purchased a new stake in MSC Industrial Direct during the 1st quarter worth about $816,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

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.