Janus Capital Management LLC lowered its stake in shares of Fastenal Company (NASDAQ:FAST) by 96.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 23,863 shares of the company’s stock after selling 647,172 shares during the period. Janus Capital Management LLC’s holdings in Fastenal were worth $1,229,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in FAST. Curbstone Financial Management Corp boosted its stake in Fastenal by 2.9% in the first quarter. Curbstone Financial Management Corp now owns 5,593 shares of the company’s stock valued at $288,000 after buying an additional 160 shares during the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in Fastenal by 3.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 251,864 shares of the company’s stock valued at $12,971,000 after buying an additional 7,250 shares during the last quarter. Deane Retirement Strategies Inc. bought a new stake in Fastenal during the first quarter valued at about $1,724,000. Liberty Capital Management Inc. boosted its stake in Fastenal by 6.9% in the first quarter. Liberty Capital Management Inc. now owns 38,575 shares of the company’s stock valued at $1,987,000 after buying an additional 2,490 shares during the last quarter. Finally, Integrated Investment Consultants LLC boosted its stake in Fastenal by 6.1% in the first quarter. Integrated Investment Consultants LLC now owns 9,459 shares of the company’s stock valued at $487,000 after buying an additional 542 shares during the last quarter. Hedge funds and other institutional investors own 82.89% of the company’s stock.
Fastenal Company (FAST) opened at 43.50 on Monday. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The company has a market capitalization of $12.53 billion, a P/E ratio of 23.94 and a beta of 0.99. The firm has a 50-day moving average of $43.32 and a 200-day moving average of $46.96.
Fastenal (NASDAQ:FAST) last released its quarterly 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. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current 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 given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is 70.33%.
Fastenal declared that its board has initiated 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. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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FAST has been the topic of several research reports. Credit Suisse Group restated a “hold” rating and issued a $49.00 price target on shares of Fastenal in a research report on Thursday, April 13th. BMO Capital Markets restated a “hold” rating and issued a $50.00 price target on shares of Fastenal in a research report on Wednesday, April 12th. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. Argus raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Tuesday, April 18th. Finally, Raymond James Financial, Inc. raised shares of Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, April 19th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $50.20.
In other news, insider William Joseph Drazkowski purchased 1,000 shares of the business’s stock in a transaction on Friday, July 21st. The shares were bought at an average price of $42.36 per share, with a total value of $42,360.00. Following the completion of the transaction, the insider now directly owns 1,960 shares in the company, valued at approximately $83,025.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel L. Johnson purchased 600 shares of the business’s stock in a transaction on Monday, July 24th. The shares were purchased at an average cost 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 ninety days, insiders have acquired 3,600 shares of company stock worth $154,256. 0.55% of the stock is currently owned by corporate 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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