Smithfield Trust Co. Continues to Hold Position in Fastenal Company (FAST)

Smithfield Trust Co. held its stake in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,100 shares of the company’s stock at the end of the second quarter. Smithfield Trust Co.’s holdings in Fastenal were worth $135,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. Eads & Heald Investment Counsel boosted its stake in Fastenal by 6.6% in the second quarter. Eads & Heald Investment Counsel now owns 18,519 shares of the company’s stock worth $806,000 after buying an additional 1,140 shares during the last quarter. Welch & Forbes LLC boosted its stake in Fastenal by 21.0% in the second quarter. Welch & Forbes LLC now owns 17,420 shares of the company’s stock worth $758,000 after buying an additional 3,018 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its stake in Fastenal by 334.2% in the second quarter. Candriam Luxembourg S.C.A. now owns 100,277 shares of the company’s stock worth $4,365,000 after buying an additional 77,184 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in Fastenal by 1.5% in the second quarter. Stratos Wealth Partners LTD. now owns 50,337 shares of the company’s stock worth $2,191,000 after buying an additional 723 shares during the last quarter. Finally, YHB Investment Advisors Inc. boosted its stake in Fastenal by 15.9% in the second quarter. YHB Investment Advisors Inc. now owns 42,138 shares of the company’s stock worth $1,834,000 after buying an additional 5,780 shares during the last quarter. 82.54% of the stock is owned by institutional investors.

Fastenal Company (NASDAQ:FAST) opened at 43.10 on Thursday. The company’s 50-day moving average price is $43.15 and its 200 day moving average price is $46.62. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm has a market capitalization of $12.41 billion, a PE ratio of 23.72 and a beta of 0.98.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned $0.46 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts forecast that Fastenal Company will post $1.92 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. The ex-dividend date is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.97%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.

Fastenal announced that its board has initiated a share buyback plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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A number of research firms have weighed in on FAST. Northcoast Research reaffirmed a “buy” rating on shares of Fastenal in a research report on Friday, August 4th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Thursday, August 3rd. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. BMO Capital Markets increased their price objective on Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a research report on Friday, July 14th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $46.00 price objective (up from $45.00) on shares of Fastenal in a research report 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 assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $50.14.

In other Fastenal news, Director Daniel L. Johnson bought 600 shares of Fastenal stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Joseph Drazkowski bought 1,000 shares of Fastenal stock in a transaction dated Friday, July 21st. The stock was 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 of the company’s stock, valued at $83,025.60. The disclosure for this purchase can be found here. Insiders bought 3,600 shares of company stock valued at $154,256 in the last 90 days. Corporate insiders own 0.55% of the company’s stock.

About Fastenal

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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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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