Keybank National Association OH Sells 24,299 Shares of Fastenal Company (FAST)
Keybank National Association OH cut its stake in Fastenal Company (NASDAQ:FAST) by 38.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,456 shares of the company’s stock after selling 24,299 shares during the period. Keybank National Association OH’s holdings in Fastenal were worth $1,718,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in FAST. Parkside Financial Bank & Trust raised its stake in Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock valued at $152,000 after buying an additional 9 shares during the last quarter. Enterprise Financial Services Corp raised its stake in Fastenal by 0.5% in the second quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock valued at $264,000 after buying an additional 28 shares during the last quarter. Curbstone Financial Management Corp raised its stake in Fastenal by 1.1% in the second quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock valued at $246,000 after buying an additional 60 shares during the last quarter. Suntrust Banks Inc. raised its stake in Fastenal by 0.8% in the first quarter. Suntrust Banks Inc. now owns 9,562 shares of the company’s stock valued at $491,000 after buying an additional 73 shares during the last quarter. Finally, Ironwood Investment Management LLC raised its stake in Fastenal by 1.2% in the first quarter. Ironwood Investment Management LLC now owns 6,359 shares of the company’s stock valued at $327,000 after buying an additional 75 shares during the last quarter. 82.98% of the stock is owned by institutional investors.
Fastenal Company (FAST) opened at 42.48 on Friday. The firm’s 50-day moving average is $42.53 and its 200 day moving average is $45.65. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm has a market capitalization of $12.23 billion, a price-to-earnings ratio of 23.38 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings data 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. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the company earned $0.46 earnings per share. Fastenal’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Fastenal Company will post $1.93 EPS for the current fiscal year.
Fastenal declared that its Board of Directors has initiated a share buyback program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date was Monday, July 24th. Fastenal’s payout ratio is 70.33%.
Several research firms have recently issued reports on FAST. Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. Stephens began coverage on shares of Fastenal in a research report on Friday, June 2nd. They issued an “overweight” rating and a $54.00 price objective for the company. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Northcoast Research began coverage on shares of Fastenal in a research report on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price objective for the company. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $46.00 price objective on shares of Fastenal in a research report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $49.84.
In related news, Director Daniel L. Johnson bought 600 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average price of $42.71 per share, with a total value of $25,626.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael John Dolan sold 8,000 shares of the business’s stock in a transaction 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 bought 3,400 shares of company stock valued at $142,960 over the last 90 days. 0.55% of the stock is owned by corporate 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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