Fastenal Company (FAST) Holdings Lifted by Mariner Wealth Advisors LLC

Mariner Wealth Advisors LLC grew its holdings in shares of Fastenal Company (NASDAQ:FAST) by 64.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,073 shares of the company’s stock after purchasing an additional 13,805 shares during the quarter. Mariner Wealth Advisors LLC’s holdings in Fastenal were worth $1,527,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Commonwealth Bank of Australia lifted its stake in shares of Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after purchasing an additional 753 shares during the period. FNY Managed Accounts LLC purchased a new position in shares of Fastenal during the 1st quarter worth $133,000. Parkside Financial Bank & Trust lifted its stake in shares of Fastenal by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after purchasing an additional 88 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Fastenal by 417.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after purchasing an additional 2,644 shares during the period. Finally, CENTRAL TRUST Co lifted its stake in shares of Fastenal by 13.4% during the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after purchasing an additional 433 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Shares of Fastenal Company (FAST) traded down 0.54% on Friday, hitting $44.25. The company had a trading volume of 2,072,665 shares. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The company has a market cap of $12.74 billion, a price-to-earnings ratio of 24.35 and a beta of 0.99. The company has a 50 day moving average of $42.50 and a 200-day moving average of $44.98.

Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, analysts forecast that Fastenal Company will post $1.93 earnings per share for the current year.

Fastenal announced that its Board of Directors has initiated a share repurchase plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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A number of research analysts have weighed in on the company. BidaskClub lowered 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 price target on the stock in a research note on Thursday, August 3rd. Morgan Stanley reissued an “equal weight” rating and set a $46.00 price target (down previously from $50.00) on shares of Fastenal in a research note on Monday, June 12th. Credit Suisse Group set a $52.00 price target on Fastenal and gave the stock 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 price target on the stock in a research note on Friday, June 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $50.33.

In related news, Director Stephen L. Eastman bought 800 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average price of $40.58 per share, with a total value of $32,464.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Holden Lewis bought 1,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were bought at an average cost of $42.51 per share, with a total value of $42,510.00. Following the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at $85,020. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,400 shares of company stock valued at $142,960 in the last three months. Company insiders own 0.55% of the company’s stock.

Fastenal 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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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