Bright Rock Capital Management LLC Has $1,410,000 Position in Fastenal Company (FAST)
Bright Rock Capital Management LLC maintained its stake in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,400 shares of the company’s stock at the end of the second quarter. Bright Rock Capital Management LLC’s holdings in Fastenal were worth $1,410,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of FAST. Reliance Trust Co. of Delaware boosted its stake in Fastenal by 20.3% in the first quarter. Reliance Trust Co. of Delaware now owns 7,421 shares of the company’s stock worth $382,000 after buying an additional 1,250 shares during the period. Cullinan Associates Inc. boosted its stake in Fastenal by 1.7% in the first quarter. Cullinan Associates Inc. now owns 53,051 shares of the company’s stock worth $2,732,000 after buying an additional 875 shares during the period. Mountain Pacific Investment Advisers Inc. ID boosted its stake in Fastenal by 1.3% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 167,270 shares of the company’s stock worth $8,614,000 after buying an additional 2,200 shares during the period. Financial & Investment Management Group Ltd. boosted its stake in Fastenal by 16.8% in the first quarter. Financial & Investment Management Group Ltd. now owns 26,557 shares of the company’s stock worth $1,368,000 after buying an additional 3,828 shares during the period. Finally, Parametrica Management Ltd purchased a new stake in Fastenal during the first quarter worth approximately $452,000. Institutional investors own 82.54% of the company’s stock.
Shares of Fastenal Company (FAST) opened at 43.10 on Thursday. 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 price is $43.15 and its 200 day moving average price is $46.62. The stock has a market cap of $12.41 billion, a PE ratio of 23.72 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business earned $0.46 EPS. Fastenal’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.97%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
Fastenal announced that its board has initiated a share repurchase plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms recently commented on FAST. Credit Suisse Group reiterated a “hold” rating and set a $49.00 price objective on shares of Fastenal in a research report on Thursday, April 13th. BMO Capital Markets restated a “hold” rating and issued a $50.00 price target on shares of Fastenal in a research report on Wednesday, April 12th. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research report on Tuesday, April 18th. Finally, Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal has a consensus rating of “Buy” and a consensus price target of $50.14.
In related news, Director Daniel L. Johnson purchased 600 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William Joseph Drazkowski purchased 1,000 shares of the company’s stock in a transaction dated Friday, July 21st. The stock was bought at an average price of $42.36 per share, with a total value of $42,360.00. Following the completion of the transaction, the insider now directly owns 1,960 shares of the company’s stock, valued at $83,025.60. The disclosure for this purchase can be found here. Insiders bought 3,600 shares of company stock valued at $154,256 over the last 90 days. Company insiders own 0.55% of the company’s stock.
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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