LMR Partners LLP acquired a new stake in Fastenal Company (NASDAQ:FAST) during the second quarter, Holdings Channel reports. The fund acquired 27,429 shares of the company’s stock, valued at approximately $1,194,000.
A number of other large investors also recently modified their holdings of the company. Fayerweather Charles acquired a new position in Fastenal during the second quarter worth approximately $209,000. Advisory Services Network LLC acquired a new position in Fastenal during the first quarter worth approximately $191,000. Grandeur Peak Global Advisors LLC boosted its position in Fastenal by 2.3% in the first quarter. Grandeur Peak Global Advisors LLC now owns 106,325 shares of the company’s stock worth $5,476,000 after buying an additional 2,425 shares in the last quarter. CENTRAL TRUST Co boosted its position in Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Fastenal by 5.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,332,219 shares of the company’s stock worth $68,610,000 after buying an additional 68,976 shares in the last quarter. 81.68% of the stock is currently owned by institutional investors.
Shares of Fastenal Company (NASDAQ:FAST) opened at 40.68 on Friday. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The company has a 50 day moving average price of $43.10 and a 200-day moving average price of $46.24. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of 22.39 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.46 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts predict that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
Fastenal announced that its board has authorized a stock buyback plan on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be issued a $0.32 dividend. The ex-dividend date is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 3.15%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
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A number of research firms have recently commented on FAST. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Thursday, August 3rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $46.00 target price (down previously from $50.00) on shares of Fastenal in a research note on Monday, June 12th. Credit Suisse Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a research note on Tuesday, June 6th. Finally, Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal presently has an average rating of “Buy” and a consensus target price of $50.14.
In related news, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Holden Lewis bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was bought at an average price of $42.51 per share, with a total value of $42,510.00. Following the acquisition, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. Insiders purchased a total of 3,600 shares of company stock valued at $154,256 in the last quarter. 0.55% of the stock is owned by insiders.
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.
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