MSC Industrial Direct (NYSE:MSM) Sets New 52-Week High - Here's What Happened

Key Points

• MSC Industrial Direct shares hit a new 52-week high on Wednesday, trading as high as $127.55 and last changing hands around $127.18, up about 0.6% on the day.
• Analysts have turned more bullish on the stock, with several firms raising price targets and ratings; the current consensus is “Moderate Buy” with an average price target of $123.43.
• The company recently posted better-than-expected quarterly results, reporting EPS of $1.43 versus estimates of $1.28 and revenue of $1.05 billion, while also announcing a quarterly dividend of $0.87 per share.

Shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $127.55 and last traded at $127.1770, with a volume of 272233 shares trading hands. The stock had previously closed at $126.43.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MSM shares. KeyCorp increased their target price on shares of MSC Industrial Direct from $132.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday, July 1st. Zacks Research upgraded shares of MSC Industrial Direct from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 2nd. Wall Street Zen raised MSC Industrial Direct from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. Jefferies Financial Group set a $130.00 price objective on MSC Industrial Direct in a research note on Wednesday, July 1st. Finally, DA Davidson lifted their target price on MSC Industrial Direct from $145.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $123.43.

MSC Industrial Direct Trading Up 0.6%

The company's fifty day moving average is $115.95 and its two-hundred day moving average is $100.46. The company has a quick ratio of 0.72, a current ratio of 1.55 and a debt-to-equity ratio of 0.06. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of 30.72 and a beta of 0.83.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 1st. The industrial products company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.28 by $0.15. MSC Industrial Direct had a net margin of 5.91% and a return on equity of 17.34%. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the business posted $1.08 EPS. The firm's revenue was up 7.8% on a year-over-year basis. On average, research analysts predict that MSC Industrial Direct Company, Inc. will post 4.47 EPS for the current fiscal year.

MSC Industrial Direct Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 22nd. Investors of record on Wednesday, July 8th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 8th. MSC Industrial Direct's dividend payout ratio is 84.06%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Willis Investment Counsel boosted its holdings in MSC Industrial Direct by 48.6% in the fourth quarter. Willis Investment Counsel now owns 37,870 shares of the industrial products company's stock valued at $3,185,000 after purchasing an additional 12,383 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in MSC Industrial Direct by 15.2% during the third quarter. JPMorgan Chase & Co. now owns 288,489 shares of the industrial products company's stock worth $26,581,000 after purchasing an additional 38,088 shares in the last quarter. AMG National Trust Bank purchased a new stake in shares of MSC Industrial Direct during the 4th quarter worth approximately $1,258,000. LSV Asset Management lifted its position in shares of MSC Industrial Direct by 1,711.1% during the 4th quarter. LSV Asset Management now owns 16,300 shares of the industrial products company's stock worth $1,371,000 after buying an additional 15,400 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in shares of MSC Industrial Direct by 8.0% in the 4th quarter. Royce & Associates LP now owns 420,750 shares of the industrial products company's stock valued at $35,385,000 after buying an additional 31,260 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

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.

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