Atlantic Trust Group LLC Cuts Stake in Fastenal Company (FAST)
Atlantic Trust Group LLC lowered its stake in shares of Fastenal Company (NASDAQ:FAST) by 11.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,737 shares of the company’s stock after selling 2,679 shares during the period. Atlantic Trust Group LLC’s holdings in Fastenal were worth $903,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Nuance Investments LLC acquired a new position in Fastenal during the second quarter worth about $3,048,000. Girard Partners LTD. boosted its position in Fastenal by 14.5% during the second quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock worth $508,000 after acquiring an additional 1,477 shares during the last quarter. CENTRAL TRUST Co boosted its position in Fastenal by 13.4% during the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after acquiring an additional 433 shares during the last quarter. Fayerweather Charles acquired a new position in Fastenal during the second quarter worth about $209,000. Finally, Aviva PLC boosted its position in Fastenal by 4.1% during the second quarter. Aviva PLC now owns 171,891 shares of the company’s stock worth $7,484,000 after acquiring an additional 6,700 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.
Fastenal Company (FAST) opened at 42.96 on Tuesday. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The firm has a 50-day moving average of $42.44 and a 200 day moving average of $45.30. The firm has a market capitalization of $12.37 billion, a price-to-earnings ratio of 23.64 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 earnings per share. On average, equities analysts predict that Fastenal Company will post $1.93 EPS for the current year.
Fastenal announced that its board has initiated a stock buyback program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were issued a dividend of $0.32 per share. The ex-dividend date was Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.98%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
In other news, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction dated Monday, July 24th. The stock was acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen L. Eastman purchased 800 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of $40.58 per share, with a total value of $32,464.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 3,400 shares of company stock valued at $142,960. Insiders own 0.55% of the company’s stock.
A number of research firms recently weighed in on FAST. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded 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. UBS AG upgraded shares of Fastenal from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. BMO Capital Markets restated a “hold” rating and set a $46.00 price target on shares of Fastenal in a research report on Monday, August 21st. Finally, Stifel Nicolaus restated a “hold” rating and set a $46.00 price target on shares of Fastenal in a research report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Fastenal presently has a consensus rating of “Buy” and a consensus target price of $50.33.
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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