Nuance Investments LLC Acquires New Stake in Fastenal Company (FAST)
Nuance Investments LLC acquired a new position in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent filing with the SEC. The firm acquired 70,028 shares of the company’s stock, valued at approximately $3,048,000.
Several other hedge funds have also added to or reduced their stakes in FAST. Vanguard Group Inc. raised 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 last quarter. BlackRock Inc. raised 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 last quarter. State Street Corp raised its stake in 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 last quarter. Waddell & Reed Financial Inc. raised its stake in Fastenal by 2.6% in the first quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock worth $212,509,000 after buying an additional 104,132 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Fastenal by 3.2% in the first quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock worth $199,311,000 after buying an additional 120,996 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.
Fastenal Company (NASDAQ:FAST) opened at 42.91 on Friday. The stock has a market capitalization of $12.36 billion, a P/E ratio of 23.62 and a beta of 0.98. The firm’s 50-day moving average is $42.55 and its 200 day moving average is $45.70. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. The company 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%. Fastenal’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. Equities analysts expect that Fastenal Company will post $1.93 EPS for the current year.
Fastenal declared that its board has authorized a share buyback program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 3.00%. Fastenal’s dividend payout ratio is currently 70.33%.
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A number of analysts have recently weighed in on FAST shares. Stifel Nicolaus reiterated a “hold” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. BMO Capital Markets reiterated a “hold” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Monday, August 21st. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, June 13th. Finally, J P Morgan Chase & Co started coverage on shares of Fastenal in a research note on Friday, June 2nd. They issued a “neutral” rating and a $46.00 price objective on the stock. One investment 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. The stock has a consensus rating of “Buy” and an average price target of $49.84.
In related news, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction dated 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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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, for a total transaction of $42,510.00. Following the completion of the purchase, the chief financial officer now owns 2,000 shares in the company, valued at $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 over the last three months. 0.55% of the stock is currently owned by corporate 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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