Fastenal Company (FAST) Stake Reduced by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its position in Fastenal Company (NASDAQ:FAST) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,922,759 shares of the company’s stock after selling 127,186 shares during the period. Bank of New York Mellon Corp owned approximately 0.05% of Fastenal worth $649,589,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of FAST. Fayerweather Charles purchased a new position in shares of Fastenal during the second quarter worth about $209,000. Advisory Services Network LLC purchased a new position in shares of Fastenal during the first quarter worth 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 worth $159,000 after buying an additional 433 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Fastenal by 5.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,332,219 shares of the company’s stock worth $68,610,000 after buying an additional 68,976 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock worth $621,683,000 after buying an additional 77,914 shares during the period. 81.68% of the stock is owned by institutional investors and hedge funds.
Shares of Fastenal Company (FAST) opened at 42.76 on Wednesday. The company’s 50 day moving average price is $43.15 and its 200 day moving average price is $46.36. The stock has a market capitalization of $12.31 billion, a price-to-earnings ratio of 23.53 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 posted its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS. On average, analysts expect 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 repurchase program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be given a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.99%. Fastenal’s dividend payout ratio is currently 70.33%.
FAST has been the subject of a number of recent research reports. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Friday, June 2nd. Credit Suisse Group upgraded Fastenal from a “neutral” rating to an “outperform” rating and set a $55.00 price objective for the company in a research report on Wednesday, April 19th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Tuesday, April 18th. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price objective for the company in a research report on Wednesday, July 12th. Finally, Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $50.14.
In related news, Director Daniel L. Johnson acquired 600 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, with a total value of $25,626.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Holden Lewis acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was bought at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the completion of the transaction, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. Insiders purchased a total of 3,600 shares of company stock worth $154,256 over the last ninety days. 0.55% of the stock is currently owned by 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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