Fastenal Company (FAST) Shares Bought by Bontempo Ohly Capital Mgmt LLC
Bontempo Ohly Capital Mgmt LLC increased its stake in shares of Fastenal Company (NASDAQ:FAST) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,884 shares of the company’s stock after acquiring an additional 415 shares during the quarter. Fastenal comprises approximately 1.3% of Bontempo Ohly Capital Mgmt LLC’s portfolio, making the stock its 27th largest holding. Bontempo Ohly Capital Mgmt LLC’s holdings in Fastenal were worth $1,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently made changes to their positions in FAST. BlackRock Inc. raised its stake in Fastenal by 3,168.1% during the 1st quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock worth $899,168,000 after acquiring an additional 16,925,319 shares in the last quarter. 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 valued at $148,066,000 after purchasing an additional 1,729,206 shares during the period. Janus Henderson Group PLC increased its stake in Fastenal by 357.0% in the second quarter. Janus Henderson Group PLC now owns 1,822,655 shares of the company’s stock valued at $79,340,000 after purchasing an additional 1,423,856 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 valued at $1,577,439,000 after purchasing an additional 1,345,542 shares during the period. Finally, Nicholas Company Inc. increased its stake in Fastenal by 184.9% in the second quarter. Nicholas Company Inc. now owns 1,210,440 shares of the company’s stock valued at $52,690,000 after purchasing an additional 785,595 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.
In other news, insider William Joseph Drazkowski acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were acquired at an average price of $42.36 per share, with a total value of $42,360.00. Following the acquisition, the insider now directly owns 1,960 shares in the company, valued at $83,025.60. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 3,400 shares of company stock worth $142,960. Corporate insiders own 0.55% of the company’s stock.
A number of research firms have commented on FAST. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Northcoast Research began coverage on shares of Fastenal in a research note on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price objective on the stock. Raymond James Financial, Inc. upgraded shares of Fastenal from an “outperform” rating to a “strong-buy” rating and set a $50.00 price objective on the stock in a research note on Thursday, July 13th. Wells Fargo & Company restated a “market perform” rating and issued a $47.00 price objective (down from $51.00) on shares of Fastenal in a research note on Wednesday, July 12th. Finally, Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $50.53.
Shares of Fastenal Company (NASDAQ FAST) traded down 0.02% on Friday, hitting $46.03. 3,135,024 shares of the stock were exchanged. The firm’s 50 day moving average price is $43.43 and its 200 day moving average price is $44.52. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm has a market cap of $13.26 billion, a price-to-earnings ratio of 25.33 and a beta of 1.00.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current year.
Fastenal announced that its board has authorized a share buyback program on Tuesday, July 11th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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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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