MSC Industrial Direct (NYSE:MSM) Reaches New 12-Month High - Here's What Happened

Shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $91.22 and last traded at $91.17, with a volume of 113813 shares. The stock had previously closed at $89.38.

Analyst Ratings Changes

MSM has been the subject of several analyst reports. Stephens increased their price objective on MSC Industrial Direct from $85.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, July 2nd. Loop Capital increased their price target on MSC Industrial Direct from $74.00 to $84.00 and gave the company a "hold" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. upgraded 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. Wolfe Research raised shares of MSC Industrial Direct to a "strong-buy" rating in a report on Sunday, April 6th. Finally, Robert W. Baird lifted their price objective on shares of MSC Industrial Direct from $84.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $90.33.

MSC Industrial Direct Price Performance

The firm has a market capitalization of $5.04 billion, a PE ratio of 25.56 and a beta of 0.87. The firm's fifty day moving average price is $82.19 and its 200 day moving average price is $79.86. The company has a current ratio of 1.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last posted its earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.05. The company had revenue of $971.15 million during the quarter, compared to the consensus estimate of $969.72 million. MSC Industrial Direct had a net margin of 5.30% and a return on equity of 14.99%. The firm's quarterly revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.33 earnings per share. As a group, equities analysts forecast that MSC Industrial Direct Company, Inc. will post 3.57 earnings per share for the current year.

MSC Industrial Direct Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, July 9th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.76%. MSC Industrial Direct's payout ratio is 96.05%.

Insiders Place Their Bets

In related news, SVP Kimberly Shacklett sold 2,130 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $92.00, for a total value of $195,960.00. Following the completion of the sale, the senior vice president owned 14,657 shares of the company's stock, valued at approximately $1,348,444. The trade was a 12.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 18.30% of the company's stock.

Hedge Funds Weigh In On MSC Industrial Direct

Several hedge funds and other institutional investors have recently modified their holdings of MSM. American Century Companies Inc. raised its holdings in MSC Industrial Direct by 6.8% in the 1st quarter. American Century Companies Inc. now owns 3,650,221 shares of the industrial products company's stock valued at $283,513,000 after acquiring an additional 231,961 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of MSC Industrial Direct by 29.2% in the fourth quarter. First Trust Advisors LP now owns 1,987,455 shares of the industrial products company's stock valued at $148,443,000 after purchasing an additional 448,708 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of MSC Industrial Direct by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,781,503 shares of the industrial products company's stock valued at $138,369,000 after purchasing an additional 88,247 shares during the last quarter. Boston Partners lifted its position in MSC Industrial Direct by 22.9% during the first quarter. Boston Partners now owns 1,762,248 shares of the industrial products company's stock worth $136,867,000 after buying an additional 327,833 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in MSC Industrial Direct by 2.8% during the first quarter. Invesco Ltd. now owns 1,240,418 shares of the industrial products company's stock worth $96,343,000 after buying an additional 33,607 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

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.