Fastenal Company (FAST) Position Decreased by Allegis Investment Advisors LLC
Allegis Investment Advisors LLC cut its stake in shares of Fastenal Company (NASDAQ:FAST) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,862 shares of the company’s stock after selling 935 shares during the period. Allegis Investment Advisors LLC’s holdings in Fastenal were worth $1,387,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Fayerweather Charles acquired a new position in shares of Fastenal during the second quarter valued at about $209,000. Advisory Services Network LLC acquired a new position in shares of Fastenal during the first quarter valued at about $191,000. CENTRAL TRUST Co raised 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 valued at $159,000 after buying an additional 433 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake 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 period. Finally, State Street Corp increased its stake 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 period. Institutional investors own 81.68% of the company’s stock.
Fastenal Company (NASDAQ:FAST) opened at 42.68 on Wednesday. The firm has a market capitalization of $12.29 billion, a P/E ratio of 23.49 and a beta of 0.98. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm’s 50-day moving average price is $43.15 and its 200 day moving average price is $46.36.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the firm earned $0.46 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
Fastenal declared that its Board of Directors has initiated a share buyback plan 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. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.99%. Fastenal’s dividend payout ratio (DPR) is currently 70.33%.
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Several research firms recently weighed in on FAST. Northcoast Research reissued a “buy” rating on shares of Fastenal in a report on Friday, August 4th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Thursday, August 3rd. BidaskClub downgraded Fastenal from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. BMO Capital Markets raised their price objective on Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a report on Friday, July 14th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $46.00 price objective (up previously from $45.00) on shares of Fastenal in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $50.14.
In related news, CFO Holden Lewis acquired 1,000 shares of Fastenal stock in a transaction dated Monday, July 17th. The shares were purchased at an average cost of $42.51 per share, with a total value of $42,510.00. Following the completion of the purchase, the chief financial officer now owns 2,000 shares of the company’s stock, valued at $85,020. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Daniel L. Johnson acquired 600 shares of Fastenal stock in a transaction dated Monday, July 24th. The shares were bought at an average cost of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Insiders have bought 3,600 shares of company stock worth $154,256 over the last ninety days. Insiders own 0.55% of the company’s stock.
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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