Fastenal Co. (FAST) Stake Cut by Harvey Investment Co. LLC
Harvey Investment Co. LLC decreased its stake in Fastenal Co. (NASDAQ:FAST) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 341,064 shares of the company’s stock after selling 1,790 shares during the period. Fastenal comprises about 3.3% of Harvey Investment Co. LLC’s portfolio, making the stock its 8th largest position. Harvey Investment Co. LLC owned about 0.12% of Fastenal worth $15,140,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of FAST. Capital Fund Management S.A. purchased a new position in Fastenal during the second quarter valued at about $17,477,000. Silvercrest Asset Management Group LLC purchased a new position in Fastenal during the first quarter valued at about $249,000. Compass Capital Management Inc. increased its position in Fastenal by 4.4% in the second quarter. Compass Capital Management Inc. now owns 446,778 shares of the company’s stock valued at $19,832,000 after buying an additional 18,880 shares in the last quarter. Teachers Advisors Inc. increased its position in Fastenal by 17.7% in the first quarter. Teachers Advisors Inc. now owns 709,269 shares of the company’s stock valued at $34,754,000 after buying an additional 106,623 shares in the last quarter. Finally, HL Financial Services LLC increased its position in Fastenal by 3.2% in the second quarter. HL Financial Services LLC now owns 1,683,802 shares of the company’s stock valued at $74,744,000 after buying an additional 52,626 shares in the last quarter. 82.12% of the stock is owned by hedge funds and other institutional investors.
Fastenal Co. (NASDAQ:FAST) traded up 1.23% during midday trading on Wednesday, reaching $41.96. The company had a trading volume of 800,987 shares. Fastenal Co. has a 12-month low of $35.10 and a 12-month high of $49.99. The stock has a market capitalization of $12.12 billion, a PE ratio of 23.98 and a beta of 0.99. The company has a 50-day moving average of $42.03 and a 200-day moving average of $44.37.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 12th. The company reported $0.45 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.03. The company earned $1.01 billion during the quarter. Fastenal had a return on equity of 27.83% and a net margin of 12.91%. Fastenal’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.48 earnings per share. On average, analysts predict that Fastenal Co. will post $1.74 EPS for the current fiscal year.
Several analysts recently commented on FAST shares. Zacks Investment Research upgraded Fastenal from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Morgan Stanley started coverage on Fastenal in a report on Thursday, July 7th. They issued an “equal weight” rating and a $46.00 target price on the stock. Vetr cut Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 target price on the stock. in a report on Tuesday, September 6th. Macquarie started coverage on Fastenal in a report on Thursday, August 25th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Credit Suisse Group AG reiterated a “neutral” rating and issued a $43.00 target price on shares of Fastenal in a report on Friday, June 17th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $47.44.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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