Blair William & Co. IL lowered its stake in Fastenal Company (NASDAQ:FAST) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,868,320 shares of the company’s stock after selling 2,769 shares during the period. Fastenal accounts for approximately 0.9% of Blair William & Co. IL’s holdings, making the stock its 17th largest position. Blair William & Co. IL owned about 1.00% of Fastenal worth $124,858,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its position in Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after buying an additional 88 shares during the last quarter. FNY Managed Accounts LLC acquired a new position in Fastenal during the first quarter valued at approximately $133,000. CENTRAL TRUST Co increased its position in Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the last quarter. Clearbridge Investments LLC increased its position in Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in Fastenal during the first quarter valued at approximately $191,000. Institutional investors and hedge funds own 81.68% of the company’s stock.
Fastenal Company (NASDAQ:FAST) traded down 0.58% during midday trading on Friday, hitting $41.37. 269,813 shares of the company traded hands. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The company has a market capitalization of $11.91 billion, a price-to-earnings ratio of 22.77 and a beta of 0.98. The stock’s 50-day moving average price is $43.15 and its 200 day moving average price is $46.30.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business earned $0.46 EPS. Fastenal’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Fastenal Company will post $1.92 EPS for the current year.
Fastenal declared that its Board of Directors has approved a share buyback plan on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a yield of 3.08%. Fastenal’s dividend payout ratio (DPR) is currently 70.33%.
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Several equities analysts have commented on FAST shares. Longbow Research raised shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Friday, June 2nd. Credit Suisse Group set a $52.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research report on Thursday, May 4th. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, June 13th. Northcoast Research started coverage on shares of Fastenal in a research report on Tuesday, July 25th. They set a “buy” rating and a $54.00 target price on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price (down from $46.00) on shares of Fastenal in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal has an average rating of “Buy” and a consensus target price of $50.14.
In related news, Director Michael John Dolan sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Holden Lewis purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was bought at an average price of $43.76 per share, for a total transaction of $43,760.00. Following the purchase, the chief financial officer now owns 1,000 shares in the company, valued at approximately $43,760. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,600 shares of company stock worth $154,256. 0.55% of the stock is owned by company insiders.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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