Fastenal Company (FAST) Shares Sold by Summit Securities Group LLC
Summit Securities Group LLC decreased its stake in Fastenal Company (NASDAQ:FAST) by 10.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,485 shares of the company’s stock after selling 2,745 shares during the period. Summit Securities Group LLC’s holdings in Fastenal were worth $1,022,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of FAST. National Planning Corp purchased a new stake in shares of Fastenal during the second quarter valued at about $228,000. Schwab Charles Investment Management Inc. raised its stake in shares of Fastenal by 6.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,417,649 shares of the company’s stock valued at $61,711,000 after buying an additional 85,430 shares during the period. Wetherby Asset Management Inc. raised its stake in shares of Fastenal by 1.2% in the second quarter. Wetherby Asset Management Inc. now owns 7,184 shares of the company’s stock valued at $313,000 after buying an additional 82 shares during the period. Palisade Asset Management LLC raised its stake in shares of Fastenal by 4.4% in the second quarter. Palisade Asset Management LLC now owns 25,797 shares of the company’s stock valued at $1,123,000 after buying an additional 1,089 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of Fastenal by 13.4% in the second quarter. Canada Pension Plan Investment Board now owns 301,662 shares of the company’s stock valued at $13,131,000 after buying an additional 35,629 shares during the period. 82.54% of the stock is owned by hedge funds and other institutional investors.
Fastenal Company (FAST) opened at 42.36 on Friday. The company’s 50-day moving average price is $43.14 and its 200-day moving average price is $46.59. The stock has a market cap of $12.20 billion, a P/E ratio of 23.31 and a beta of 0.98. Fastenal Company has a one year low of $37.70 and a one year high of $52.74.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating 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 firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.46 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts forecast that Fastenal Company will post $1.92 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s payout ratio is 70.33%.
Fastenal announced that its Board of Directors has initiated a stock buyback program on Tuesday, July 11th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
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Several brokerages have issued reports on FAST. Northcoast Research reaffirmed a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Thursday, August 3rd. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets lifted their price target on Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a research note on Friday, July 14th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $46.00 price target (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Fastenal presently has an average rating of “Buy” and an average target price of $50.14.
In other Fastenal news, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $42.71 per share, with a total value of $25,626.00. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Holden Lewis purchased 1,000 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was acquired at an average cost of $43.76 per share, with a total value of $43,760.00. Following the acquisition, the chief financial officer now owns 1,000 shares in the company, valued at approximately $43,760. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 3,600 shares of company stock valued at $154,256. 0.55% of the stock is owned by insiders.
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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