MSC Industrial Direct (NYSE:MSM) Hits New 52-Week High on Earnings Beat

MSC Industrial Direct Company, Inc. (NYSE:MSM - Get Free Report)'s stock price reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $90.85 and last traded at $90.17, with a volume of 2756333 shares changing hands. The stock had previously closed at $85.02.

The industrial products company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.03 by $0.05. MSC Industrial Direct had a net margin of 5.30% and a return on equity of 14.99%. The firm had revenue of $971.15 million during the quarter, compared to the consensus estimate of $969.72 million. During the same period last year, the firm earned $1.33 EPS. The business's quarterly revenue was down .8% compared to the same quarter last year.

MSC Industrial Direct Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Wednesday, July 9th. MSC Industrial Direct's dividend payout ratio is currently 89.71%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MSM. JPMorgan Chase & Co. raised shares of MSC Industrial Direct from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $73.00 to $89.00 in a research note on Tuesday, May 27th. Industrial Alliance Securities set a $89.00 price target on shares of MSC Industrial Direct in a research note on Tuesday, May 27th. Stephens boosted their price target on shares of MSC Industrial Direct from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Wolfe Research raised shares of MSC Industrial Direct to a "strong-buy" rating in a research note on Sunday, April 6th. Finally, Loop Capital boosted their price target on shares of MSC Industrial Direct from $74.00 to $84.00 and gave the stock a "hold" rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, MSC Industrial Direct has an average rating of "Moderate Buy" and a consensus target price of $90.33.

Insider Activity

In related news, Director Mitchell Jacobson acquired 27,642 shares of the stock in a transaction that occurred on Tuesday, April 8th. The shares were bought at an average price of $69.77 per share, for a total transaction of $1,928,582.34. Following the completion of the transaction, the director directly owned 1,951,725 shares in the company, valued at approximately $136,171,853.25. This trade represents a 1.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 18.30% of the company's stock.

Institutional Trading of MSC Industrial Direct

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MSM. Proficio Capital Partners LLC purchased a new stake in shares of MSC Industrial Direct in the fourth quarter worth $920,000. Charles Schwab Investment Management Inc. increased its stake in shares of MSC Industrial Direct by 8.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,693,256 shares of the industrial products company's stock worth $126,469,000 after purchasing an additional 126,218 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of MSC Industrial Direct in the fourth quarter worth $4,871,000. Edgestream Partners L.P. purchased a new stake in shares of MSC Industrial Direct in the fourth quarter worth $930,000. Finally, Ceera Investments LLC increased its stake in shares of MSC Industrial Direct by 30.4% in the fourth quarter. Ceera Investments LLC now owns 14,348 shares of the industrial products company's stock worth $1,072,000 after purchasing an additional 3,342 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

MSC Industrial Direct Trading Up 0.4%

The stock has a market capitalization of $5.01 billion, a PE ratio of 25.42 and a beta of 0.87. The stock's 50 day moving average price is $81.07 and its 200-day moving average price is $79.50. The company has a quick ratio of 0.88, a current ratio of 1.92 and a debt-to-equity ratio of 0.21.

MSC Industrial Direct Company Profile

MSC Industrial Direct Co, Inc, together with its subsidiaries, distributes metalworking and maintenance, repair, and operations (MRO) products and services in the United States, Canada, Mexico, the United Kingdom, and internationally. The company's MRO products include cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock products, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components, and electrical supplies.