Shell Asset Management Co. Decreases Position in Fastenal Company (FAST)

Shell Asset Management Co. reduced its stake in shares of Fastenal Company (NASDAQ:FAST) by 4.6% during the second quarter, Holdings Channel reports. The firm owned 18,734 shares of the company’s stock after selling 905 shares during the period. Shell Asset Management Co.’s holdings in Fastenal were worth $815,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fayerweather Charles acquired a new stake in Fastenal during the second quarter valued at about $209,000. Clarkston Capital Partners LLC raised its stake in Fastenal by 12.0% in the second quarter. Clarkston Capital Partners LLC now owns 1,088,456 shares of the company’s stock valued at $47,380,000 after buying an additional 116,843 shares during the period. Harvey Investment Co. LLC raised its stake in Fastenal by 1.8% in the second quarter. Harvey Investment Co. LLC now owns 345,214 shares of the company’s stock valued at $15,027,000 after buying an additional 6,028 shares during the period. Greenleaf Trust raised its stake in Fastenal by 1.9% in the second quarter. Greenleaf Trust now owns 16,591 shares of the company’s stock valued at $722,000 after buying an additional 315 shares during the period. Finally, Huntington National Bank raised its stake in Fastenal by 3.4% in the second quarter. Huntington National Bank now owns 7,376 shares of the company’s stock valued at $321,000 after buying an additional 240 shares during the period. 82.54% of the stock is currently owned by institutional investors.

Fastenal Company (FAST) opened at 42.36 on Friday. The firm has a 50-day moving average of $43.14 and a 200-day moving average of $46.59. The stock has a market cap of $12.20 billion, a PE ratio of 23.31 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 released 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 firm 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 company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 earnings per share. Analysts expect that Fastenal Company will post $1.92 EPS for the current fiscal year.

Fastenal declared that its board has authorized a share repurchase plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

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. This represents a $1.28 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s payout ratio is currently 70.33%.

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Several research firms have recently issued reports on FAST. Northcoast Research reissued a “buy” rating on shares of Fastenal in a research report on Friday, August 4th. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Thursday, August 3rd. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. BMO Capital Markets boosted their price target on shares of Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a research report on Friday, July 14th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $46.00 price target (up previously from $45.00) on shares of Fastenal in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $50.14.

In related news, Director Daniel L. Johnson acquired 600 shares of Fastenal stock in a transaction dated Monday, July 24th. The shares were purchased at an average price of $42.71 per share, for a total transaction of $25,626.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Holden Lewis acquired 1,000 shares of Fastenal stock in a transaction dated Monday, July 17th. The shares were bought at an average price of $42.51 per share, for a total transaction of $42,510.00. Following the transaction, the chief financial officer now owns 2,000 shares of the company’s stock, valued at $85,020. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 3,600 shares of company stock worth $154,256. Company insiders own 0.55% of the company’s stock.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST).

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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