Erik Gershwind, President and Chief Executive Officer at MSC Industrial Direct Co Inc. (NYSE:MSM), exercised a stock option of 18,000 shares of Class A Common Stock, $0.001 par value on Thursday. This is the first stock transaction of any kind to be executed by the insider since May, when he unloaded 25,000 shares of Common Stock for a price of $91.53 per share. Following the latest transaction, Gershwind now owns a total of 51,813 company shares.
Another insider who has been very active this past quarter is company Director and Large Shareholder, Mitchell Jacobson. Last Monday he completed a disposition of 30,000 shares in Common Stock, for a price of $89.58 per share and unloaded an even larger sum of 50,000 shares in May, paying $91.75 per share.
However, while insiders at MSC Industrial have been selling their shares, many hedge funds increased the company’s participation in their portfolios. Robert Joseph Caruso’s Select Equity Group, for example, increased activity by 14% this quarter and the hedge fund now holds 2.69 million shares, worth $233.5 million.