Stoneridge Investment Partners LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 75,677 shares of the company’s stock, valued at approximately $3,294,000.
Several other large investors have also bought and sold shares of FAST. Parkside Financial Bank & Trust boosted its stake in Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares during the period. FNY Managed Accounts LLC acquired a new stake in Fastenal during the first quarter worth approximately $133,000. CENTRAL TRUST Co boosted its stake in 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 period. Clearbridge Investments LLC boosted its stake in Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after buying an additional 2,644 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Fastenal during the first quarter worth approximately $191,000. Hedge funds and other institutional investors own 82.54% of the company’s stock.
Fastenal Company (NASDAQ:FAST) opened at 43.10 on Thursday. The firm has a 50-day moving average of $43.15 and a 200-day moving average of $46.62. The stock has a market capitalization of $12.41 billion, a price-to-earnings ratio of 23.72 and a beta of 0.98. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the 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 company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted $0.46 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Fastenal Company will post $1.92 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.97%. Fastenal’s payout ratio is currently 70.33%.
Fastenal announced that its board has approved a stock repurchase plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts have recently commented on the company. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Thursday, August 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price objective (down from $50.00) on shares of Fastenal in a report on Monday, June 12th. UBS AG upgraded Fastenal from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 19th. Finally, Credit Suisse Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Tuesday, June 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $50.14.
In other Fastenal 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, for a total transaction of $25,626.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Joseph Drazkowski purchased 1,000 shares of the stock in a transaction dated Friday, July 21st. The stock was acquired at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the transaction, 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 have acquired 3,600 shares of company stock worth $154,256 over the last 90 days. 0.55% of the stock is currently owned by company 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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