Marshfield Associates cut its stake in Fastenal Company (NASDAQ:FAST) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,589,161 shares of the company’s stock after selling 28,799 shares during the period. Fastenal makes up about 5.2% of Marshfield Associates’ portfolio, making the stock its 8th biggest holding. Marshfield Associates owned approximately 0.55% of Fastenal worth $69,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Enterprise Financial Services Corp raised its holdings in Fastenal by 0.5% in the 2nd quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock valued at $264,000 after acquiring an additional 28 shares in the last quarter. Curbstone Financial Management Corp raised its holdings in Fastenal by 1.1% in the 2nd quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock valued at $246,000 after acquiring an additional 60 shares in the last quarter. QS Investors LLC raised its holdings in Fastenal by 1.6% in the 2nd quarter. QS Investors LLC now owns 4,051 shares of the company’s stock valued at $176,000 after acquiring an additional 63 shares in the last quarter. Krilogy Financial LLC raised its holdings in Fastenal by 2.0% in the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock valued at $154,000 after acquiring an additional 70 shares in the last quarter. Finally, Ironwood Investment Management LLC raised its holdings in Fastenal by 1.2% in the 1st quarter. Ironwood Investment Management LLC now owns 6,359 shares of the company’s stock valued at $327,000 after acquiring an additional 75 shares in the last quarter. 83.02% of the stock is owned by hedge funds and other institutional investors.
Fastenal Company (FAST) traded up 1.11% during trading on Friday, hitting $46.45. The stock had a trading volume of 1,088,367 shares. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74. The stock has a market capitalization of $13.35 billion, a P/E ratio of 24.77 and a beta of 1.00. The company has a 50-day moving average of $43.94 and a 200-day moving average of $44.35.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the business posted $0.44 earnings per share. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities analysts expect that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
Fastenal announced that its board has authorized a share buyback plan on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.79%. Fastenal’s payout ratio is 68.09%.
Several equities analysts have weighed in on the company. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 price objective (up from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Stephens set a $54.00 price objective on Fastenal and gave the company a “buy” rating in a report on Wednesday. KeyCorp reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Fastenal in a report on Thursday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 price objective (up from $46.00) on shares of Fastenal in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $50.80.
In other Fastenal news, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski purchased 1,000 shares of the stock in a transaction on Friday, July 21st. The shares were purchased at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the transaction, the insider now directly owns 1,960 shares of the company’s stock, valued at $83,025.60. The disclosure for this purchase can be found here. Insiders have acquired 3,400 shares of company stock worth $142,960 in the last 90 days. Company insiders own 0.55% of the company’s stock.
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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