Bbva Compass Bancshares Inc. Has $248,000 Position in Fastenal Company (NASDAQ:FAST)
Bbva Compass Bancshares Inc. decreased its stake in shares of Fastenal Company (NASDAQ:FAST) by 12.9% during the second quarter, Holdings Channel reports. The fund owned 5,700 shares of the company’s stock after selling 844 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Fastenal were worth $248,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in FAST. Advisory Services Network LLC acquired a new position in Fastenal during the first quarter valued at about $191,000. Fayerweather Charles acquired a new position in Fastenal during the second quarter valued at about $209,000. Schwab Charles Investment Management Inc. increased 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 valued at $68,610,000 after buying an additional 68,976 shares during the last quarter. State Street Corp increased its position in Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock valued at $621,683,000 after buying an additional 77,914 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its position in Fastenal by 1.1% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 254,520 shares of the company’s stock valued at $11,079,000 after buying an additional 2,656 shares during the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.
Fastenal Company (NASDAQ:FAST) opened at 43.10 on Thursday. The company has a market cap of $12.41 billion, a P/E ratio of 23.72 and a beta of 0.98. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74. The company’s 50-day moving average is $43.15 and its 200-day moving average is $46.62.
Fastenal (NASDAQ:FAST) last announced its quarterly 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. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS. On average, analysts anticipate that Fastenal Company will post $1.92 EPS for the current fiscal year.
Fastenal declared that its Board of Directors has approved a stock buyback program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. The ex-dividend date is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.97%. Fastenal’s payout ratio is currently 70.33%.
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Several equities analysts have recently issued reports on FAST shares. Morgan Stanley reaffirmed 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. Longbow Research raised shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Friday, June 2nd. Credit Suisse Group reaffirmed a “buy” rating and set a $52.00 price target on shares of Fastenal in a research note on Thursday, July 13th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, BidaskClub downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. One 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. The stock has a consensus rating of “Buy” and a consensus price target of $50.14.
In related news, Director Daniel L. Johnson acquired 600 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Holden Lewis acquired 1,000 shares of the firm’s stock in a transaction 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 completion of 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 have acquired a total of 3,600 shares of company stock valued at $154,256 in the last three months. 0.55% of the stock is currently owned by corporate insiders.
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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