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

Key Points

• MSC Industrial Direct shares reached a new 52-week high of $132, last trading around $130.65, supported by strong recent price momentum.
• Analyst sentiment is cautiously positive, with a consensus “Moderate Buy” rating and an average price target of $123.43; several firms raised or initiated targets between $130 and $155.
• The company beat quarterly expectations with $1.43 in EPS versus $1.28 expected and revenue of $1.05 billion, up 7.8% year over year. Institutional investors own approximately 79.3% of outstanding shares.

Shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Get Free Report) reached a new 52-week high during mid-day trading on Friday. The company traded as high as $132.00 and last traded at $130.6450, with a volume of 45629 shares trading hands. The stock had previously closed at $128.50.

Wall Street Analyst Weigh In

MSM has been the subject of several recent research reports. DA Davidson raised their price target on MSC Industrial Direct from $145.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Wolfe Research started coverage on MSC Industrial Direct in a research report on Tuesday, September 15th. They issued a "peer perform" rating on the stock. Rothschild & Co Redburn began coverage on MSC Industrial Direct in a research note on Monday, July 13th. They set a "buy" rating and a $155.00 price objective on the stock. Jefferies Financial Group set a $130.00 price objective on MSC Industrial Direct in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of MSC Industrial Direct from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $123.43.

MSC Industrial Direct Price Performance

The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 31.76 and a beta of 0.82. The company has a fifty day simple moving average of $121.71 and a two-hundred day simple moving average of $112.35. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.72 and a current ratio of 1.55.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 1st. The industrial products company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. MSC Industrial Direct had a return on equity of 17.34% and a net margin of 5.91%.The business's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. As a group, research analysts anticipate that MSC Industrial Direct Company, Inc. will post 4.51 earnings per share for the current year.

Hedge Funds Weigh In On MSC Industrial Direct

Several institutional investors and hedge funds have recently bought and sold shares of MSM. Versant Capital Management Inc raised its stake in MSC Industrial Direct by 28.5% during the third quarter. Versant Capital Management Inc now owns 2,888 shares of the industrial products company's stock worth $357,000 after purchasing an additional 641 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of MSC Industrial Direct during the 2nd quarter worth $234,000. Envestnet Asset Management Inc. increased its holdings in shares of MSC Industrial Direct by 16.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 57,721 shares of the industrial products company's stock worth $6,866,000 after buying an additional 8,002 shares during the last quarter. State Street Corp raised its position in shares of MSC Industrial Direct by 3.7% in the 2nd quarter. State Street Corp now owns 1,463,620 shares of the industrial products company's stock worth $174,098,000 after buying an additional 52,860 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in MSC Industrial Direct by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 33,744 shares of the industrial products company's stock valued at $4,014,000 after acquiring an additional 1,299 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

About MSC Industrial Direct

MSC Industrial Direct Co, Inc is a distributor of metalworking and industrial products serving manufacturers and other organizations across North America. The company provides products used in maintenance, repair and operations, including cutting tools, abrasives, tooling components, fasteners, safety equipment, material handling supplies, and janitorial and facility-maintenance products.

MSC serves customers through an omnichannel platform that includes e-commerce, sales representatives, customer service teams, catalogs, and branch locations.

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