Mackenzie Financial Corp Buys 497,810 Shares of 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 position in MSC Industrial Direct Company, Inc. (NYSE:MSM - Free Report) by 6,108.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 505,960 shares of the industrial products company's stock after purchasing an additional 497,810 shares during the period. Mackenzie Financial Corp owned approximately 0.91% of MSC Industrial Direct worth $39,298,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Treasurer of the State of North Carolina increased its stake in MSC Industrial Direct by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 20,179 shares of the industrial products company's stock valued at $1,507,000 after purchasing an additional 130 shares in the last quarter. Covestor Ltd increased its stake in MSC Industrial Direct by 6.6% in the fourth quarter. Covestor Ltd now owns 2,325 shares of the industrial products company's stock valued at $174,000 after purchasing an additional 143 shares in the last quarter. Beverly Hills Private Wealth LLC increased its stake in MSC Industrial Direct by 4.5% in the first quarter. Beverly Hills Private Wealth LLC now owns 3,755 shares of the industrial products company's stock valued at $292,000 after purchasing an additional 163 shares in the last quarter. Orion Portfolio Solutions LLC increased its stake in MSC Industrial Direct by 0.4% in the fourth quarter. Orion Portfolio Solutions LLC now owns 38,611 shares of the industrial products company's stock valued at $2,884,000 after purchasing an additional 166 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in MSC Industrial Direct by 6.1% in the first quarter. Parallel Advisors LLC now owns 3,792 shares of the industrial products company's stock valued at $295,000 after purchasing an additional 217 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on MSM. Stephens upped their target price on shares of 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. JPMorgan Chase & Co. upgraded shares of MSC Industrial Direct from a "neutral" rating to an "overweight" rating and upped their price target for the company from $73.00 to $89.00 in a report on Tuesday, May 27th. Wolfe Research upgraded shares of MSC Industrial Direct to a "strong-buy" rating in a report on Sunday, April 6th. Industrial Alliance Securities set a $89.00 price target on shares of MSC Industrial Direct in a report on Tuesday, May 27th. Finally, Loop Capital upped their price target on shares of MSC Industrial Direct from $74.00 to $84.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Three 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $90.33.

Insider Buying and Selling

In other MSC Industrial Direct news, SVP Kimberly Shacklett sold 2,130 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $92.00, for a total value of $195,960.00. Following the completion of the sale, the senior vice president owned 14,657 shares in the company, valued at $1,348,444. This trade represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 18.30% of the stock is currently owned by corporate insiders.

MSC Industrial Direct Stock Down 1.8%

MSM traded down $1.56 during trading hours on Friday, hitting $85.06. 477,635 shares of the company's stock were exchanged, compared to its average volume of 640,754. MSC Industrial Direct Company, Inc. has a 1-year low of $68.10 and a 1-year high of $92.68. The stock's 50-day moving average is $85.06 and its two-hundred day moving average is $80.90. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 24.03 and a beta of 0.92. The company has a quick ratio of 0.91, a current ratio of 1.92 and a debt-to-equity ratio of 0.21.

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

MSC Industrial Direct Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th were paid a $0.85 dividend. The ex-dividend date was Wednesday, July 9th. This represents a $3.40 dividend on an annualized basis and a yield of 4.0%. MSC Industrial Direct's dividend payout ratio (DPR) is currently 96.05%.

MSC Industrial Direct 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.