Boston Financial Mangement LLC Raises Position in Fastenal Company (NASDAQ:FAST)

Boston Financial Mangement LLC raised its position in Fastenal Company (NASDAQ:FAST) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 189,243 shares of the company’s stock after buying an additional 4,201 shares during the period. Boston Financial Mangement LLC owned 0.07% of Fastenal worth $8,238,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Bank of Montreal Can increased its stake in Fastenal by 8.6% in the first quarter. Bank of Montreal Can now owns 230,721 shares of the company’s stock worth $11,882,000 after buying an additional 18,291 shares during the period. National Pension Service increased its position in shares of Fastenal by 10.6% in the first quarter. National Pension Service now owns 255,525 shares of the company’s stock worth $13,114,000 after buying an additional 24,418 shares during the last quarter. Gulf International Bank UK Ltd increased its position in shares of Fastenal by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 85,076 shares of the company’s stock worth $4,381,000 after buying an additional 1,100 shares during the last quarter. Creative Planning increased its position in shares of Fastenal by 11.0% in the first quarter. Creative Planning now owns 11,010 shares of the company’s stock worth $567,000 after buying an additional 1,087 shares during the last quarter. Finally, Curbstone Financial Management Corp increased its position in shares of Fastenal by 2.9% in the first quarter. Curbstone Financial Management Corp now owns 5,593 shares of the company’s stock worth $288,000 after buying an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 81.68% of the company’s stock.

Fastenal Company (NASDAQ:FAST) opened at 41.61 on Friday. The firm has a 50-day moving average price of $43.15 and a 200-day moving average price of $46.30. The firm has a market capitalization of $11.98 billion, a PE ratio of 22.90 and a beta of 0.98. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company posted $0.46 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts expect that Fastenal Company will post $1.92 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s payout ratio is 70.33%.

Fastenal declared that its Board of Directors has authorized a stock buyback program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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A number of analysts have issued reports on FAST shares. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Friday, June 2nd. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Thursday, May 4th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a report on Tuesday, June 13th. Northcoast Research initiated coverage on Fastenal in a report on Tuesday, July 25th. They set a “buy” rating and a $54.00 price objective on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and set a $43.00 price objective (down previously from $46.00) on shares of Fastenal in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $50.14.

In related news, insider William Joseph Drazkowski bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were bought at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the acquisition, the insider now owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction on Tuesday, August 15th. The stock was 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. In the last quarter, insiders have bought 3,600 shares of company stock worth $154,256. Corporate insiders own 0.55% of the company’s stock.

About Fastenal

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.