Compass Capital Management Inc. boosted its stake in Fastenal Company (NASDAQ:FAST) by 13.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 515,353 shares of the company’s stock after buying an additional 61,631 shares during the period. Fastenal accounts for 3.7% of Compass Capital Management Inc.’s investment portfolio, making the stock its 22nd largest position. Compass Capital Management Inc. owned about 0.18% of Fastenal worth $22,433,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its stake in shares of Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock valued at $152,000 after buying an additional 9 shares during the period. Curbstone Financial Management Corp boosted its stake in shares of Fastenal by 1.1% in the second quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock valued at $246,000 after buying an additional 60 shares during the period. Suntrust Banks Inc. boosted its stake in shares of Fastenal by 0.8% in the first quarter. Suntrust Banks Inc. now owns 9,562 shares of the company’s stock valued at $491,000 after buying an additional 73 shares during the period. Ironwood Investment Management LLC boosted its stake in shares of Fastenal by 1.2% in the first quarter. Ironwood Investment Management LLC now owns 6,359 shares of the company’s stock valued at $327,000 after buying an additional 75 shares during the period. Finally, Cleararc Capital Inc. increased its position in Fastenal by 1.3% in the first quarter. Cleararc Capital Inc. now owns 7,094 shares of the company’s stock valued at $365,000 after buying an additional 89 shares during the period. Institutional investors own 81.68% of the company’s stock.
Fastenal Company (FAST) traded down 2.24% during mid-day trading on Friday, reaching $40.68. 3,385,360 shares of the company traded hands. The company has a market capitalization of $11.71 billion, a P/E ratio of 22.39 and a beta of 0.98. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74. The stock has a 50 day moving average price of $43.10 and a 200-day moving average price of $46.24.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Analysts expect that Fastenal Company will post $1.92 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 3.15%. Fastenal’s payout ratio is currently 70.33%.
Fastenal announced that its Board of Directors has approved a share buyback program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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FAST has been the subject of several recent research reports. Credit Suisse Group set a $52.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Thursday, May 4th. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a report on Friday, June 2nd. J P Morgan Chase & Co initiated coverage on shares of Fastenal in a report on Friday, June 2nd. They issued a “neutral” rating and a $46.00 target price for the company. Stephens initiated coverage on shares of Fastenal in a report on Friday, June 2nd. They issued an “overweight” rating and a $54.00 target price for the company. Finally, Morgan Stanley restated an “equal weight” rating and issued a $46.00 target price (down from $50.00) on shares of Fastenal in a report on Monday, June 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Fastenal currently has a consensus rating of “Buy” and an average target price of $50.14.
In related news, CFO Holden Lewis bought 1,000 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were bought at an average price of $43.76 per share, for a total transaction of $43,760.00. Following the completion of the acquisition, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $43,760. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel L. Johnson bought 600 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 3,600 shares of company stock worth $154,256. Corporate insiders own 0.55% of the company’s stock.
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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