Nichols & Pratt Advisers LLP MA Buys 1,725 Shares of Fastenal Company (FAST)
Nichols & Pratt Advisers LLP MA increased its position in Fastenal Company (NASDAQ:FAST) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 359,316 shares of the company’s stock after buying an additional 1,725 shares during the period. Fastenal makes up about 1.4% of Nichols & Pratt Advisers LLP MA’s investment portfolio, making the stock its 26th largest position. Nichols & Pratt Advisers LLP MA owned approximately 0.12% of Fastenal worth $15,658,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of FAST. Vanguard Group Inc. increased its stake in shares of Fastenal by 4.6% in the first quarter. Vanguard Group Inc. now owns 30,629,887 shares of the company’s stock worth $1,577,439,000 after buying an additional 1,345,542 shares during the last quarter. BlackRock Inc. increased its stake in shares of Fastenal by 3,168.1% in the first quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock worth $899,168,000 after buying an additional 16,925,319 shares during the last quarter. State Street Corp increased its stake in shares of Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock worth $621,683,000 after buying an additional 77,914 shares during the last quarter. Waddell & Reed Financial Inc. increased its stake in shares of Fastenal by 2.6% in the first quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock worth $212,509,000 after buying an additional 104,132 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Fastenal by 3.2% in the first quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock worth $199,311,000 after buying an additional 120,996 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.
Shares of Fastenal Company (NASDAQ FAST) traded up 0.10% during trading on Monday, hitting $41.50. The company’s stock had a trading volume of 490,600 shares. The company has a 50-day moving average price of $42.72 and a 200-day moving average price of $45.93. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The stock has a market cap of $11.95 billion, a PE ratio of 22.84 and a beta of 0.98.
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 Zacks’ consensus estimate of $0.50 by $0.02. The firm had revenue of $1.12 billion during 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 firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. Equities analysts predict that Fastenal Company will post $1.92 EPS for the current fiscal year.
Fastenal declared that its board has approved a share repurchase program on Tuesday, July 11th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Monday, July 24th. Fastenal’s payout ratio is 70.33%.
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FAST has been the topic of a number of recent research reports. Stifel Nicolaus restated a “hold” rating and issued a $46.00 target price (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. BMO Capital Markets restated a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research note on Monday, August 21st. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Tuesday, June 13th. Finally, J P Morgan Chase & Co initiated coverage on Fastenal in a research note on Friday, June 2nd. They issued a “neutral” rating and a $46.00 target price on the stock. 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’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $49.84.
In other Fastenal news, CFO Holden Lewis bought 1,000 shares of Fastenal stock in a transaction that occurred on Monday, July 17th. The stock was purchased at an average cost of $42.51 per share, for a total transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. Insiders have purchased 3,400 shares of company stock valued at $142,960 over the last 90 days. 0.55% of the stock is currently owned by insiders.
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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