MSC Industrial (NYSE:MSM) Management Says Growth Strategy on Track

Management of MSC Industrial (NYSE:MSM) says their growth initiatives are on track, and manufacturing margins are strong.

On a conference call they said that "higher-margin manufacturing sales were strong and growth was broad-based. Growth initiatives are on track and management expects sales to benefit from share gains as the year progresses. A price increase was implemented in December and is sticking."

Jefferies (NYSE:JEF) said they're raising their full year 2011 EPS estimate by $0.07 to $3.07 and their full year 2012 by $0.03 to $3.48.

Jefferies maintains their "Hold" rating on MSC Industrial, which closed Friday at $60.67, down $0.68, or 1.11 percent. Jefferies raised their price target on them from $66 to $70.