Fastenal Company (NASDAQ:FAST) Shares Bought by LS Investment Advisors LLC

LS Investment Advisors LLC raised its position in Fastenal Company (NASDAQ:FAST) by 6.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,284 shares of the company’s stock after buying an additional 965 shares during the period. LS Investment Advisors LLC’s holdings in Fastenal were worth $709,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Thrivent Financial for Lutherans boosted its stake in Fastenal by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,470 shares of the company’s stock worth $492,000 after buying an additional 620 shares during the last quarter. Perigon Wealth Management LLC increased its position in Fastenal by 25.2% in the fourth quarter. Perigon Wealth Management LLC now owns 11,518 shares of the company’s stock worth $597,000 after buying an additional 2,320 shares during the period. HighPoint Advisor Group LLC increased its position in Fastenal by 43.3% in the fourth quarter. HighPoint Advisor Group LLC now owns 23,322 shares of the company’s stock worth $1,189,000 after buying an additional 7,042 shares during the period. Pegasus Partners Ltd. increased its position in Fastenal by 88.8% in the fourth quarter. Pegasus Partners Ltd. now owns 64,480 shares of the company’s stock worth $3,029,000 after buying an additional 30,324 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in Fastenal during the fourth quarter worth $985,000. 81.68% of the stock is owned by institutional investors and hedge funds.

Fastenal Company (NASDAQ FAST) traded down 2.24% during mid-day trading on Friday, reaching $40.68. The company had a trading volume of 3,385,360 shares. The stock has a market capitalization of $11.71 billion, a P/E ratio of 22.39 and a beta of 0.98. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The stock has a 50 day moving average price of $43.10 and a 200-day moving average price of $46.24.

Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. The business 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 company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 EPS. Equities analysts anticipate that Fastenal Company will post $1.92 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be paid a $0.32 dividend. The ex-dividend date is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a yield of 3.15%. Fastenal’s dividend payout ratio is currently 70.33%.

Fastenal announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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FAST has been the subject of a number of recent research reports. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Friday, June 2nd. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price objective for the company in a report on Wednesday, July 12th. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the company a “buy” rating in a report on Thursday, May 4th. BidaskClub downgraded Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective (down previously from $46.00) on shares of Fastenal in a report on Monday, June 26th. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Fastenal has a consensus rating of “Buy” and a consensus price target of $50.14.

In other news, insider William Joseph Drazkowski acquired 1,000 shares of Fastenal stock in a transaction dated Friday, July 21st. The shares were purchased at an average cost of $42.36 per share, for a total transaction of $42,360.00. Following the transaction, the insider now owns 1,960 shares of the company’s stock, valued at $83,025.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael John Dolan sold 8,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The disclosure for this sale can be found here. Insiders acquired a total of 3,600 shares of company stock worth $154,256 over the last 90 days. 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.