Macquarie Group Ltd. Cuts Holdings in Fastenal Company (FAST)

Macquarie Group Ltd. lessened its stake in Fastenal Company (NASDAQ:FAST) by 84.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,900 shares of the company’s stock after selling 87,735 shares during the period. Macquarie Group Ltd.’s holdings in Fastenal were worth $693,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in Fastenal by 4.6% in the 2nd quarter. Royal Bank of Canada now owns 1,325,844 shares of the company’s stock worth $57,714,000 after buying an additional 58,377 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in Fastenal in the 2nd quarter worth approximately $1,424,000. Petrus Trust Company LTA purchased a new position in Fastenal in the 2nd quarter worth approximately $337,000. QS Investors LLC grew its stake in Fastenal by 1.6% in the 2nd quarter. QS Investors LLC now owns 4,051 shares of the company’s stock worth $176,000 after buying an additional 63 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in Fastenal by 31.4% in the 2nd quarter. Stifel Financial Corp now owns 552,807 shares of the company’s stock worth $24,046,000 after buying an additional 132,116 shares in the last quarter. 83.20% of the stock is owned by institutional investors and hedge funds.

Shares of Fastenal Company (NASDAQ:FAST) opened at 47.19 on Monday. Fastenal Company has a one year low of $38.09 and a one year high of $52.74. The stock has a 50 day moving average of $45.63 and a 200-day moving average of $44.08. The company has a market capitalization of $13.56 billion, a price-to-earnings ratio of 25.17 and a beta of 1.00.

Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the firm posted $0.44 earnings per share. Fastenal’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities analysts expect that Fastenal Company will post $1.93 earnings per share for the current year.

Fastenal declared that its board has authorized a share repurchase plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is presently 68.09%.

A number of research firms have commented on FAST. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Thursday, August 3rd. Credit Suisse Group reissued a “buy” rating and issued a $52.00 price target on shares of Fastenal in a research note on Thursday, July 13th. BMO Capital Markets boosted their price target on shares of Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a research note on Friday, July 14th. Northcoast Research reissued a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Finally, UBS AG raised shares of Fastenal from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Fastenal currently has an average rating of “Buy” and an average target price of $50.80.

In related news, insider Leland J. Hein sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.74, for a total value of $487,400.00. Following the completion of the transaction, the insider now directly owns 20,258 shares of the company’s stock, valued at $987,374.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,000 shares of company stock valued at $1,302,880. 0.55% of the stock is currently owned by insiders.

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Fastenal 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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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