Fastenal Company (FAST) Shares Sold by Oarsman Capital Inc.
Oarsman Capital Inc. lowered its position in Fastenal Company (NASDAQ:FAST) by 15.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,623 shares of the company’s stock after selling 1,220 shares during the quarter. Oarsman Capital Inc.’s holdings in Fastenal were worth $288,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in FAST. DekaBank Deutsche Girozentrale increased its holdings in shares of Fastenal by 96.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 23,787 shares of the company’s stock worth $1,269,000 after purchasing an additional 11,665 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Fastenal by 6.7% in the first quarter. Daiwa Securities Group Inc. now owns 7,950 shares of the company’s stock worth $409,000 after purchasing an additional 500 shares during the period. Davis R M Inc. bought a new position in shares of Fastenal in the first quarter worth $304,000. US Bancorp DE increased its holdings in shares of Fastenal by 2.9% in the first quarter. US Bancorp DE now owns 466,964 shares of the company’s stock worth $24,049,000 after purchasing an additional 12,996 shares during the period. Finally, Suntrust Banks Inc. increased its holdings in shares of Fastenal by 0.8% in the first quarter. Suntrust Banks Inc. now owns 9,562 shares of the company’s stock worth $491,000 after purchasing an additional 73 shares during the period. 82.98% of the stock is currently owned by hedge funds and other institutional investors.
FAST has been the topic of several research analyst reports. Credit Suisse Group set a $52.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Tuesday, June 6th. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Tuesday, June 13th. Northcoast Research assumed coverage on shares of Fastenal in a research report on Tuesday, July 25th. They issued a “buy” rating and a $54.00 target price for the company. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 target price (down from $46.00) on shares of Fastenal in a research report on Monday, June 26th. 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 issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $50.33.
In other Fastenal news, CFO Holden Lewis acquired 1,000 shares of the company’s stock in a transaction on Monday, July 17th. The stock was acquired at an average cost of $42.51 per share, with a total value of $42,510.00. Following the purchase, the chief financial officer now directly owns 2,000 shares of the company’s stock, valued at approximately $85,020. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stephen L. Eastman acquired 800 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average cost of $40.58 per share, with a total value of $32,464.00. The disclosure for this purchase can be found here. Insiders acquired a total of 3,400 shares of company stock valued at $142,960 over the last three months. Corporate insiders own 0.55% of the company’s stock.
Fastenal Company (FAST) traded up 1.42% during mid-day trading on Tuesday, reaching $43.57. 225,520 shares of the company’s stock traded hands. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm’s 50-day moving average price is $42.44 and its 200 day moving average price is $45.30. The firm has a market cap of $12.55 billion, a price-to-earnings ratio of 23.98 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the company posted $0.46 EPS. The business’s revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Fastenal Company will post $1.93 EPS for the current year.
Fastenal declared that its board has approved a share repurchase program on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th were paid a $0.32 dividend. 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 payout ratio is currently 70.33%.
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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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