Bayforest Capital Ltd Acquires 5,601 Shares of MSC Industrial Direct Company, Inc. (NYSE:MSM)

Key Points

• Bayforest Capital Ltd significantly increased its stake in MSC Industrial Direct by 494.4%, acquiring an additional 5,601 shares during the first quarter, totaling 6,734 shares valued at approximately $523,000.
• Several institutional investors made notable investments in MSC Industrial Direct recently, with Norges Bank purchasing a stake valued at about $34.7 million.
• MSC Industrial Direct reported earnings of $1.08 EPS, exceeding analysts' expectations, and announced a quarterly dividend of $0.85 per share with a yield of 3.91%.

Bayforest Capital Ltd increased its holdings in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 494.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,734 shares of the industrial products company's stock after purchasing an additional 5,601 shares during the period. Bayforest Capital Ltd's holdings in MSC Industrial Direct were worth $523,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Federated Hermes Inc. lifted its holdings in shares of MSC Industrial Direct by 125.0% during the 1st quarter. Federated Hermes Inc. now owns 86,194 shares of the industrial products company's stock valued at $6,695,000 after purchasing an additional 47,883 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of MSC Industrial Direct by 6,108.1% during the 1st quarter. Mackenzie Financial Corp now owns 505,960 shares of the industrial products company's stock valued at $39,298,000 after purchasing an additional 497,810 shares in the last quarter. Bryce Point Capital LLC bought a new stake in MSC Industrial Direct in the 1st quarter valued at approximately $205,000. Ridgewood Investments LLC lifted its stake in MSC Industrial Direct by 17.3% in the 1st quarter. Ridgewood Investments LLC now owns 17,654 shares of the industrial products company's stock valued at $1,371,000 after acquiring an additional 2,609 shares in the last quarter. Finally, LPL Financial LLC lifted its stake in MSC Industrial Direct by 10.1% in the 1st quarter. LPL Financial LLC now owns 23,782 shares of the industrial products company's stock valued at $1,847,000 after acquiring an additional 2,188 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Insider Activity

In related news, SVP Kimberly Shacklett sold 2,130 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $92.00, for a total value of $195,960.00. Following the sale, the senior vice president owned 14,657 shares in the company, valued at approximately $1,348,444. This represents a 12.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.30% of the stock is currently owned by corporate insiders.

MSC Industrial Direct Stock Up 0.3%

Shares of MSC Industrial Direct stock traded up $0.22 on Monday, reaching $85.41. 99,807 shares of the company were exchanged, compared to its average volume of 617,292. MSC Industrial Direct Company, Inc. has a one year low of $68.10 and a one year high of $92.68. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of 24.14 and a beta of 0.92. The company has a current ratio of 1.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $85.06 and a 200 day moving average of $80.90.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.05. MSC Industrial Direct had a return on equity of 14.99% and a net margin of 5.30%. The company had revenue of $971.15 million for the quarter, compared to analysts' expectations of $969.72 million. During the same quarter in the prior year, the business posted $1.33 EPS. The business's revenue was down .8% compared to the same quarter last year. On average, equities research 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 disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th were paid a dividend of $0.85 per share. The ex-dividend date was Wednesday, July 9th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.0%. MSC Industrial Direct's dividend payout ratio is currently 96.05%.

Wall Street Analyst Weigh In

MSM has been the topic of several research reports. Robert W. Baird boosted their target price on MSC Industrial Direct from $84.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Wolfe Research upgraded MSC Industrial Direct to a "strong-buy" rating in a research note on Sunday, April 6th. Industrial Alliance Securities set a $89.00 target price on MSC Industrial Direct in a research note on Tuesday, May 27th. Stephens boosted their target price on MSC Industrial Direct from $85.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 2nd. Finally, Loop Capital boosted their target price 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. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MSC Industrial Direct has a consensus rating of "Moderate Buy" and an average target price of $90.33.

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.