LGT Group Foundation Increases Stake in MSC Industrial Direct Company, Inc. (NYSE:MSM)

Key Points

• LGT Group Foundation increased its stake in MSC Industrial Direct by 22.0%, acquiring an additional 22,381 shares, bringing their total holdings to 123,944 shares valued at approximately $9.6 million.
• MSC Industrial Direct's stock received several price target upgrades from brokerages, with JPMorgan raising its target from $73.00 to $89.00, indicating growing investor confidence.
• The company announced a quarterly dividend of $0.85 per share, reflecting an annualized dividend of $3.40 and a dividend yield of 4.0%.

LGT Group Foundation grew its position in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 22.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 123,944 shares of the industrial products company's stock after acquiring an additional 22,381 shares during the quarter. LGT Group Foundation owned about 0.22% of MSC Industrial Direct worth $9,627,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clearstead Trust LLC bought a new position in shares of MSC Industrial Direct during the 1st quarter valued at approximately $25,000. Investment Management Corp VA ADV boosted its position in shares of MSC Industrial Direct by 207.8% during the 1st quarter. Investment Management Corp VA ADV now owns 397 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 268 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of MSC Industrial Direct during the 1st quarter valued at approximately $32,000. Farther Finance Advisors LLC lifted its position in MSC Industrial Direct by 895.0% in the first quarter. Farther Finance Advisors LLC now owns 597 shares of the industrial products company's stock worth $46,000 after buying an additional 537 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in MSC Industrial Direct by 47.1% in the first quarter. GAMMA Investing LLC now owns 681 shares of the industrial products company's stock worth $53,000 after buying an additional 218 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MSM has been the subject of a number of analyst reports. Stephens raised their price target on MSC Industrial Direct from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. upgraded MSC Industrial Direct from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $73.00 to $89.00 in a research report on Tuesday, May 27th. Robert W. Baird raised their price target on MSC Industrial Direct from $84.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Loop Capital raised their price target on MSC Industrial Direct from $74.00 to $84.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Finally, Industrial Alliance Securities set a $89.00 price target on MSC Industrial Direct in a research report on Tuesday, May 27th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, MSC Industrial Direct has a consensus rating of "Moderate Buy" and a consensus price target of $90.33.

MSC Industrial Direct Trading Down 1.5%

MSM stock traded down $1.31 during midday trading on Thursday, reaching $87.52. The company's stock had a trading volume of 225,598 shares, compared to its average volume of 471,895. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 1.92. The stock has a fifty day simple moving average of $85.98 and a two-hundred day simple moving average of $81.15. MSC Industrial Direct Company, Inc. has a 1 year low of $68.10 and a 1 year high of $92.68. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 24.72 and a beta of 0.92.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last released its earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share 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 business had revenue of $971.15 million for the quarter, compared to analyst estimates of $969.72 million. During the same quarter last year, the firm posted $1.33 earnings per share. The business's revenue was down .8% compared to the same quarter last year. On average, equities research analysts predict that MSC Industrial Direct Company, Inc. will post 3.57 EPS for the current year.

MSC Industrial Direct Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 3.9%. MSC Industrial Direct's dividend payout ratio (DPR) is currently 96.05%.

Insider Activity at MSC Industrial Direct

In other news, SVP Kimberly Shacklett sold 2,130 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $92.00, for a total transaction of $195,960.00. Following the transaction, the senior vice president owned 14,657 shares in the company, valued at approximately $1,348,444. This trade represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 18.30% of the company's stock.

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.