MSC Industrial Direct Company, Inc. (NYSE:MSM - Get Free Report) shares reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $90.85 and last traded at $90.17, with a volume of 2756333 shares. The stock had previously closed at $85.02.
The industrial products company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. The business had revenue of $971.15 million during the quarter, compared to the consensus estimate of $969.72 million. MSC Industrial Direct had a return on equity of 14.99% and a net margin of 5.30%. The firm's revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 EPS.
MSC Industrial Direct Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, July 9th. This represents a $3.40 annualized dividend and a yield of 3.78%. MSC Industrial Direct's payout ratio is 89.71%.
Analyst Upgrades and Downgrades
Several analysts have commented on MSM shares. JPMorgan Chase & Co. upgraded 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. Robert W. Baird boosted their target price on MSC Industrial Direct from $84.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday. Industrial Alliance Securities set a $89.00 price target on MSC Industrial Direct in a report on Tuesday, May 27th. Loop Capital upped their price objective on MSC Industrial Direct from $74.00 to $84.00 and gave the stock a "hold" rating in a report on Wednesday. Finally, Wolfe Research upgraded MSC Industrial Direct to a "strong-buy" rating in a research report on Sunday, April 6th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $90.33.
Get Our Latest Report on MSC Industrial Direct
Insider Buying and Selling
In related news, Director Mitchell Jacobson acquired 27,642 shares of the firm's stock in a transaction on Tuesday, April 8th. The shares were acquired at an average cost 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 18.30% of the company's stock.
Institutional Trading of MSC Industrial Direct
Institutional investors have recently bought and sold shares of the stock. Clearstead Trust LLC purchased a new stake in shares of MSC Industrial Direct in the first quarter valued at $25,000. Headlands Technologies LLC bought a new position in MSC Industrial Direct during the 4th quarter valued at about $25,000. Investment Management Corp VA ADV raised its position in MSC Industrial Direct by 207.8% in the 1st quarter. Investment Management Corp VA ADV now owns 397 shares of the industrial products company's stock worth $31,000 after purchasing an additional 268 shares during the period. Neo Ivy Capital Management bought a new stake in MSC Industrial Direct in the first quarter worth about $32,000. Finally, Farther Finance Advisors LLC boosted its position in shares of MSC Industrial Direct by 895.0% during the first quarter. Farther Finance Advisors LLC now owns 597 shares of the industrial products company's stock valued at $46,000 after buying an additional 537 shares during the period. 79.26% of the stock is currently owned by institutional investors.
MSC Industrial Direct Stock Performance
The company has a quick ratio of 0.88, a current ratio of 1.92 and a debt-to-equity ratio of 0.21. The business has a 50 day moving average price of $80.82 and a 200 day moving average price of $79.43. The stock has a market cap of $5.01 billion, a P/E ratio of 25.42 and a beta of 0.87.
About MSC Industrial Direct
(
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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.
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