MSC Industrial Direct (NYSE:MSM) Director Mitchell Jacobson Buys 250,000 Shares of Stock

MSC Industrial Direct Company, Inc. (NYSE:MSM) Director Mitchell Jacobson purchased 250,000 shares of MSC Industrial Direct stock in a transaction on Friday, October 23rd. The stock was bought at an average price of $115.94 per share, for a total transaction of $28,985,000.00. Following the completion of the acquisition, the director owned 2,578,192 shares in the company, valued at $298,915,580.48. The trade was a 10.74% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

MSC Industrial Direct Trading Down 0.4%

Shares of MSM stock opened at $118.24 on Wednesday. The company’s fifty day simple moving average is $123.05 and its two-hundred day simple moving average is $108.65. MSC Industrial Direct Company, Inc. has a 52 week low of $78.80 and a 52 week high of $133.95.

MSC Industrial Direct (NYSE:MSM) last issued its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.04. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts forecast that MSC Industrial Direct Company, Inc. will post 5.51 EPS for the current fiscal year.

MSC Industrial Direct Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Wednesday, November 11th will be paid a dividend of $0.89 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This is a boost from MSC Industrial Direct’s previous quarterly dividend of $0.87. This represents a $3.56 dividend on an annualized basis and a yield of 3.0%.

Institutional Trading of MSC Industrial Direct

Hedge funds have recently made changes to their positions in the business. Elevation Wealth Partners LLC lifted its holdings in shares of MSC Industrial Direct by 89.9% in the 2nd quarter. Elevation Wealth Partners LLC now owns 245 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 116 shares during the last quarter. Parallel Advisors LLC increased its stake in MSC Industrial Direct by 3.9% during the first quarter. Parallel Advisors LLC now owns 3,112 shares of the industrial products company’s stock worth $287,000 after acquiring an additional 118 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in MSC Industrial Direct by 60.3% during the second quarter. Parkside Financial Bank & Trust now owns 319 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 120 shares during the last quarter. GAMMA Investing LLC increased its stake in MSC Industrial Direct by 10.4% during the second quarter. GAMMA Investing LLC now owns 1,534 shares of the industrial products company’s stock worth $182,000 after acquiring an additional 144 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in MSC Industrial Direct by 9.5% during the second quarter. Versant Capital Management Inc now owns 2,247 shares of the industrial products company’s stock valued at $267,000 after purchasing an additional 195 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MSM shares. Rothschild & Co Redburn initiated coverage on MSC Industrial Direct in a research note on Monday, July 13th. They issued a “buy” rating and a $155.00 price objective on the stock. Barclays upped their price objective on MSC Industrial Direct from $152.00 to $159.00 and gave the stock an “overweight” rating in a report on Monday. Zacks Research upgraded MSC Industrial Direct from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 23rd. Stephens raised shares of MSC Industrial Direct from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $130.00 to $135.00 in a report on Friday, October 23rd. Finally, Weiss Ratings raised shares of MSC Industrial Direct from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $133.22.

MSC Industrial Direct Company Profile

MSC Industrial Direct Co, Inc is a distributor of metalworking and maintenance, repair and operations (MRO) supplies. The company serves industrial and institutional customers with products used in machining, manufacturing, facility maintenance and workplace safety.

Its offerings include cutting tools, abrasives, tooling and workholding equipment, machinery, safety products, material-handling supplies, janitorial and facility-maintenance products, and other industrial consumables. MSC also provides technical support, inventory-management programs, vending and other supply-chain services designed to help customers manage procurement and production-related needs.

Founded in 1941, MSC serves customers primarily across the United States and Canada through sales representatives, customer service teams, catalogs, distribution operations and digital commerce platforms.