Fastenal Company (FAST) Shares Sold by MML Investors Services LLC
MML Investors Services LLC lessened its stake in Fastenal Company (NASDAQ:FAST) by 3.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,386 shares of the company’s stock after selling 219 shares during the period. MML Investors Services LLC’s holdings in Fastenal were worth $278,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of FAST. Commonwealth Bank of Australia boosted its stake in Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after acquiring an additional 753 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Fastenal by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after acquiring an additional 88 shares in the last quarter. FNY Managed Accounts LLC acquired a new position in Fastenal during the 1st quarter worth $133,000. CENTRAL TRUST Co grew its holdings in Fastenal by 13.4% during the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after acquiring an additional 433 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Fastenal by 417.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after acquiring an additional 2,644 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.
Several equities research analysts have recently weighed in on FAST shares. Morgan Stanley boosted their target price on shares of Fastenal from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Northcoast Research began coverage on Fastenal in a research note on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price target for the company. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $47.00 price target (down from $51.00) on shares of Fastenal in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $50.53.
In related news, Director Daniel L. Johnson acquired 600 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were bought at an average cost of $42.71 per share, with a total value of $25,626.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were bought at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,000 shares of the company’s stock, valued at approximately $85,020. The disclosure for this purchase can be found here. Insiders acquired a total of 3,400 shares of company stock worth $142,960 in the last three months. Insiders own 0.55% of the company’s stock.
Fastenal Company (FAST) opened at 45.76 on Tuesday. The stock’s 50 day moving average price is $43.06 and its 200 day moving average price is $44.58. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The company has a market capitalization of $13.18 billion, a price-to-earnings ratio of 25.18 and a beta of 1.00.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the 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 during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business earned $0.46 earnings per share. Fastenal’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
Fastenal announced that its Board of Directors has approved a stock buyback plan 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. Stock repurchase plans are generally a sign that the company’s board 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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