Fastenal Company (FAST) Position Raised by MUFG Americas Holdings Corp

MUFG Americas Holdings Corp boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,355 shares of the company’s stock after buying an additional 92 shares during the period. MUFG Americas Holdings Corp’s holdings in Fastenal were worth $1,060,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FAST. Parkside Financial Bank & Trust increased its stake in shares of Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares during the last quarter. FNY Managed Accounts LLC bought a new position in shares of Fastenal during the first quarter worth about $133,000. CENTRAL TRUST Co boosted its position in shares of 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 during the period. Clearbridge Investments LLC boosted its position in shares of Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after buying an additional 2,644 shares during the period. Finally, Advisory Services Network LLC bought a new position in shares of Fastenal during the first quarter worth about $191,000. Hedge funds and other institutional investors own 81.68% of the company’s stock.

Fastenal Company (FAST) opened at 41.15 on Friday. The stock’s 50 day moving average is $42.79 and its 200-day moving average is $46.00. The stock has a market capitalization of $11.85 billion, a PE ratio of 22.65 and a beta of 0.98. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the 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 business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the firm earned $0.46 EPS. Fastenal’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Fastenal Company will post $1.92 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Monday, July 24th. Fastenal’s payout ratio is 70.33%.

Fastenal announced that its Board of Directors has approved a stock repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

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FAST has been the subject of a number of research analyst reports. Longbow Research raised shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a report on Friday, June 2nd. Credit Suisse Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Thursday, May 4th. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, June 13th. Northcoast Research initiated coverage on shares of Fastenal in a report on Tuesday, July 25th. They issued a “buy” rating and a $54.00 target price for the company. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 target price (down 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, seven have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $49.85.

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 transaction of $344,080.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski acquired 1,000 shares of Fastenal stock in a transaction that occurred on 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 purchase, the insider now directly owns 1,960 shares in the company, valued at $83,025.60. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,400 shares of company stock worth $142,960 in the last three months. 0.55% of the stock is owned by 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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