Suntrust Banks Inc. cut its stake in Fastenal Company (NASDAQ:FAST) by 6.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,940 shares of the company’s stock after selling 622 shares during the quarter. Suntrust Banks Inc.’s holdings in Fastenal were worth $388,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Nuance Investments LLC bought a new stake in shares of Fastenal in the 2nd quarter valued at about $3,048,000. Sawtooth Solutions LLC increased its stake in shares of Fastenal by 15.4% in the 2nd quarter. Sawtooth Solutions LLC now owns 24,473 shares of the company’s stock valued at $1,065,000 after acquiring an additional 3,275 shares during the last quarter. Girard Partners LTD. increased its stake in shares of Fastenal by 14.5% in the 2nd quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock valued at $508,000 after acquiring an additional 1,477 shares during the last quarter. Seven Eight Capital LP increased its stake in shares of Fastenal by 67.2% in the 2nd quarter. Seven Eight Capital LP now owns 9,700 shares of the company’s stock valued at $422,000 after acquiring an additional 3,900 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Fastenal by 58.4% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 23,487 shares of the company’s stock valued at $1,022,000 after acquiring an additional 8,655 shares during the last quarter. 83.02% of the stock is owned by institutional investors.
In other Fastenal news, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total value of $344,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Holden Lewis bought 1,000 shares of the stock in a transaction on Monday, July 17th. The stock was acquired at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the acquisition, the chief financial officer now owns 2,000 shares of the company’s stock, valued at approximately $85,020. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 3,400 shares of company stock valued at $142,960. 0.55% of the stock is currently owned by corporate insiders.
FAST has been the subject of a number of recent analyst reports. Credit Suisse Group reaffirmed a “buy” rating and issued a $52.00 price target on shares of Fastenal in a research note on Thursday, July 13th. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. UBS AG raised Fastenal from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 price target (down from $46.00) on shares of Fastenal in a research note on Monday, June 26th. Finally, BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $50.80.
Fastenal Company (FAST) opened at 45.94 on Friday. The company has a 50 day moving average price of $43.94 and a 200 day moving average price of $44.35. The firm has a market capitalization of $13.23 billion, a price-to-earnings ratio of 25.28 and a beta of 1.00. Fastenal Company has a 12 month low of $37.70 and a 12 month high of $52.74.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.50. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. Analysts anticipate 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 share buyback plan on Tuesday, July 11th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.79%. Fastenal’s payout ratio is currently 68.09%.
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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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