Mackenzie Financial Corp Boosts Stake in MSC Industrial Direct Company, Inc. (NYSE:MSM)

Key Points

• Mackenzie Financial Corp significantly increased its stake in MSC Industrial Direct by 6,108.1% during Q1, acquiring an additional 497,810 shares, now holding approximately 0.91% of the company worth $39.3 million.
• MSC Industrial Direct reported earnings per share (EPS) of $1.08 for the last quarter, beating expectations of $1.03, despite a revenue decline of 0.8% year-over-year.
• Analysts revised their price targets for MSC Industrial Direct, with the average target now at $90.33 and a consensus rating of "Moderate Buy."

Mackenzie Financial Corp raised its stake in shares of MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 6,108.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 505,960 shares of the industrial products company's stock after buying an additional 497,810 shares during the period. Mackenzie Financial Corp owned about 0.91% of MSC Industrial Direct worth $39,298,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in MSC Industrial Direct during the 4th quarter valued at $25,000. Investment Management Corp VA ADV raised its stake in 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 buying an additional 268 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in MSC Industrial Direct during the 1st quarter valued at $32,000. Farther Finance Advisors LLC raised its stake in MSC Industrial Direct by 895.0% during the 1st quarter. Farther Finance Advisors LLC now owns 597 shares of the industrial products company's stock valued at $46,000 after buying an additional 537 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in MSC Industrial Direct by 47.1% during the 1st quarter. GAMMA Investing LLC now owns 681 shares of the industrial products company's stock valued at $53,000 after buying an additional 218 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at MSC Industrial Direct

In other MSC Industrial Direct news, SVP Kimberly Shacklett sold 2,130 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $92.00, for a total transaction of $195,960.00. Following the completion of the transaction, the senior vice president owned 14,657 shares of the company's stock, valued at $1,348,444. This represents a 12.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 18.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MSM. JPMorgan Chase & Co. upgraded MSC Industrial Direct from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $73.00 to $89.00 in a research note on Tuesday, May 27th. Loop Capital upped their price objective on MSC Industrial Direct from $74.00 to $84.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. Industrial Alliance Securities set a $89.00 price objective on MSC Industrial Direct in a research note on Tuesday, May 27th. Wolfe Research upgraded MSC Industrial Direct to a "strong-buy" rating in a research note on Sunday, April 6th. Finally, Stephens upped their price objective on MSC Industrial Direct from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 2nd. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, MSC Industrial Direct has a consensus rating of "Moderate Buy" and an average price target of $90.33.

MSC Industrial Direct Price Performance

MSC Industrial Direct stock traded down $1.56 during mid-day trading on Friday, hitting $85.06. The stock had a trading volume of 477,635 shares, compared to its average volume of 640,754. The firm has a market capitalization of $4.74 billion, a P/E ratio of 24.03 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 firm's 50 day moving average is $85.06 and its 200 day moving average is $80.90. MSC Industrial Direct Company, Inc. has a one year low of $68.10 and a one year high of $92.68.

MSC Industrial Direct (NYSE:MSM - Get Free Report) last issued its earnings results on Tuesday, July 1st. The industrial products company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. The company had revenue of $971.15 million during the quarter, compared to the consensus estimate of $969.72 million. MSC Industrial Direct had a net margin of 5.30% and a return on equity of 14.99%. MSC Industrial Direct's quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. On average, sell-side analysts forecast that MSC Industrial Direct Company, Inc. will post 3.57 earnings per share for the current fiscal year.

MSC Industrial Direct Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Wednesday, July 9th. MSC Industrial Direct's dividend payout ratio is 96.05%.

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.