Financial Counselors Inc. Has $520,000 Stake in Fastenal Company (FAST)
Financial Counselors Inc. lessened its stake in Fastenal Company (NASDAQ:FAST) by 48.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,957 shares of the company’s stock after selling 11,282 shares during the quarter. Financial Counselors Inc.’s holdings in Fastenal were worth $520,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of FAST. DekaBank Deutsche Girozentrale lifted its holdings in shares of Fastenal by 96.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 23,787 shares of the company’s stock valued at $1,269,000 after buying an additional 11,665 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Fastenal by 6.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,950 shares of the company’s stock valued at $409,000 after buying an additional 500 shares during the period. Davis R M Inc. acquired a new position in shares of Fastenal in the 1st quarter valued at about $304,000. US Bancorp DE lifted its holdings in shares of Fastenal by 2.9% in the 1st quarter. US Bancorp DE now owns 466,964 shares of the company’s stock valued at $24,049,000 after buying an additional 12,996 shares during the period. Finally, Suntrust Banks Inc. lifted its holdings in shares of Fastenal by 0.8% in the 1st 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 period. 82.98% of the stock is owned by institutional investors and hedge funds.
Fastenal Company (NASDAQ:FAST) opened at 43.55 on Wednesday. The company has a 50 day moving average price of $42.46 and a 200 day moving average price of $45.28. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74. The stock has a market cap of $12.54 billion, a price-to-earnings ratio of 23.97 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.02. The firm 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 firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Analysts expect that Fastenal Company will post $1.93 EPS for the current fiscal year.
Fastenal announced that its board has initiated a share buyback plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th were given a $0.32 dividend. The ex-dividend date was Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.94%. Fastenal’s payout ratio is currently 70.33%.
Several equities analysts have recently issued reports on the company. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Stephens assumed coverage on Fastenal in a report on Friday, June 2nd. They issued an “overweight” rating and a $54.00 price objective for the company. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Northcoast Research assumed coverage on Fastenal in a report on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price objective for the company. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $47.00 price objective (down previously from $51.00) on shares of Fastenal in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $50.33.
In other news, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel L. Johnson purchased 600 shares of Fastenal stock in a transaction dated Monday, July 24th. The shares were bought at an average price of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 3,400 shares of company stock valued at $142,960. 0.55% of the stock is 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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