MSC Industrial Direct (NYSE:MSM) Hits New 52-Week High – Time to Buy?

MSC Industrial Direct Company, Inc. (NYSE:MSM) hit a new 52-week high during trading on Tuesday. The company traded as high as $132.55 and last traded at $132.00, with a volume of 792,358 shares changing hands. The stock had previously closed at $128.67.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MSM shares. Zacks Research lowered MSC Industrial Direct from a “strong-buy” rating to a “hold” rating in a report on Monday, August 31st. Rothschild & Co Redburn assumed coverage on MSC Industrial Direct in a report on Monday, July 13th. They set a “buy” rating and a $155.00 price target on the stock. KeyCorp lifted their price target on shares of MSC Industrial Direct from $132.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Jefferies Financial Group set a $130.00 price objective on shares of MSC Industrial Direct in a research note on Wednesday, July 1st. Finally, Wolfe Research initiated coverage on shares of MSC Industrial Direct in a report on Tuesday, September 15th. They set a “peer perform” rating for the company. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $127.62.

MSC Industrial Direct Trading Up 2.6%

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 company has a 50-day moving average price of $122.53 and a 200-day moving average price of $114.40. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of 31.88 and a beta of 0.82.

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. Auto Owners Insurance Co raised its stake in MSC Industrial Direct by 12,181.8% during the 4th quarter. Auto Owners Insurance Co now owns 3,254,670 shares of the industrial products company’s stock valued at $273,718,000 after purchasing an additional 3,228,170 shares during the last quarter. Alberta Investment Management Corp boosted its holdings in MSC Industrial Direct by 213.7% in the 4th quarter. Alberta Investment Management Corp now owns 619,600 shares of the industrial products company’s stock valued at $52,108,000 after purchasing an additional 422,100 shares during the period. Alyeska Investment Group L.P. bought a new stake in MSC Industrial Direct in the 2nd quarter valued at $49,939,000. First Trust Advisors LP grew its position in MSC Industrial Direct by 20.9% in the 1st quarter. First Trust Advisors LP now owns 1,773,133 shares of the industrial products company’s stock worth $163,607,000 after purchasing an additional 306,436 shares during the last quarter. Finally, Deprince Race & Zollo Inc. grew its position in MSC Industrial Direct by 43.0% in the 1st quarter. Deprince Race & Zollo Inc. now owns 705,775 shares of the industrial products company’s stock worth $65,122,000 after purchasing an additional 212,074 shares during the last quarter. 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.