Fastenal Company (FAST) Position Lowered by RiverPark Advisors LLC
RiverPark Advisors LLC reduced its position in shares of Fastenal Company (NASDAQ:FAST) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 772,000 shares of the company’s stock after selling 52,000 shares during the period. Fastenal comprises approximately 3.8% of RiverPark Advisors LLC’s investment portfolio, making the stock its 11th largest position. RiverPark Advisors LLC’s holdings in Fastenal were worth $33,605,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the stock. BlackRock Inc. increased its stake in Fastenal by 3,168.1% in the first quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock worth $899,168,000 after buying an additional 16,925,319 shares during the period. FMR LLC increased its stake in Fastenal by 150.9% in the first quarter. FMR LLC now owns 2,875,059 shares of the company’s stock worth $148,066,000 after buying an additional 1,729,206 shares during the period. Vanguard Group Inc. increased its stake in Fastenal by 4.6% in the first quarter. Vanguard Group Inc. now owns 30,629,887 shares of the company’s stock worth $1,577,439,000 after buying an additional 1,345,542 shares during the period. Montag & Caldwell LLC purchased a new stake in Fastenal during the first quarter worth about $56,405,000. Finally, Strs Ohio increased its stake in Fastenal by 177.3% in the first quarter. Strs Ohio now owns 1,298,496 shares of the company’s stock worth $66,872,000 after buying an additional 830,181 shares during the period. 81.68% of the stock is owned by institutional investors and hedge funds.
Fastenal Company (NASDAQ:FAST) opened at 43.18 on Tuesday. The firm has a market cap of $12.43 billion, a PE ratio of 23.76 and a beta of 0.98. The company has a 50 day moving average price of $43.15 and a 200 day moving average price of $46.42. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $0.46 earnings per share. On average, equities research analysts forecast that Fastenal Company will post $1.92 earnings per share for the current year.
The firm 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. This represents a $1.28 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio is currently 70.33%.
Fastenal announced that its Board of Directors has initiated a stock buyback plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
A number of equities research analysts have issued reports on FAST shares. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Friday, June 2nd. Credit Suisse Group raised Fastenal from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research report on Wednesday, April 19th. Argus raised 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. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price target for the company in a research report on Wednesday, July 12th. Finally, Raymond James Financial, Inc. raised 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 issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Fastenal currently has a consensus rating of “Buy” and a consensus target price of $50.14.
In other Fastenal news, CFO Holden Lewis purchased 1,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel L. Johnson purchased 600 shares of the 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 disclosure for this purchase can be found here. Over the last ninety days, insiders bought 3,600 shares of company stock worth $154,256. 0.55% of the stock is currently owned by company 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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