Boston Financial Mangement LLC Cuts Holdings in Fastenal Company (FAST)

Boston Financial Mangement LLC decreased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 5.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 178,715 shares of the company’s stock after selling 10,528 shares during the period. Boston Financial Mangement LLC owned 0.06% of Fastenal worth $8,146,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. Janus Henderson Group PLC increased its position in Fastenal by 357.0% during the 2nd quarter. Janus Henderson Group PLC now owns 1,822,655 shares of the company’s stock valued at $79,340,000 after purchasing an additional 1,423,856 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Fastenal by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock valued at $1,374,380,000 after buying an additional 943,262 shares in the last quarter. Nicholas Company Inc. boosted its holdings in shares of Fastenal by 184.9% in the 2nd quarter. Nicholas Company Inc. now owns 1,210,440 shares of the company’s stock valued at $52,690,000 after buying an additional 785,595 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Fastenal by 60.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,076,097 shares of the company’s stock valued at $90,372,000 after buying an additional 781,071 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its holdings in shares of Fastenal by 37.9% in the 2nd quarter. Confluence Investment Management LLC now owns 2,381,859 shares of the company’s stock valued at $103,682,000 after buying an additional 655,160 shares in the last quarter. 83.20% of the stock is currently owned by institutional investors and hedge funds.

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A number of analysts have recently weighed in on FAST shares. Stifel Nicolaus restated a “hold” rating and issued a $46.00 price target (up from $45.00) on shares of Fastenal in a report on Friday, July 14th. BMO Capital Markets restated a “hold” rating and issued a $46.00 price target on shares of Fastenal in a report on Monday, August 21st. BidaskClub cut shares of Fastenal from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Stephens set a $54.00 price target on shares of Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $46.00 price target (up from $44.00) on shares of Fastenal in a report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $50.80.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company’s revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is currently 68.09%.

Fastenal announced that its board has authorized a stock buyback plan on Tuesday, July 11th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

In other news, insider Leland J. Hein sold 10,000 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $47.14, for a total value of $471,400.00. Following the completion of the sale, the insider now directly owns 21,290 shares of the company’s stock, valued at $1,003,610.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen L. Eastman acquired 800 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average cost of $40.58 per share, with a total value of $32,464.00. The disclosure for this purchase can be found here. Insiders sold 28,000 shares of company stock valued at $1,302,880 over the last three months. 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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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