Fastenal Company (FAST) Shares Bought by Stephens Inc. AR
Stephens Inc. AR increased its position in Fastenal Company (NASDAQ:FAST) by 102.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,173 shares of the company’s stock after buying an additional 11,715 shares during the quarter. Stephens Inc. AR’s holdings in Fastenal were worth $1,009,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Commonwealth Bank of Australia lifted its holdings in shares of Fastenal by 44.9% in the second quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after buying an additional 753 shares during the period. FNY Managed Accounts LLC acquired a new stake in shares of Fastenal in the first quarter valued at $133,000. Parkside Financial Bank & Trust lifted its holdings in shares of 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 period. Clearbridge Investments LLC lifted its holdings in shares of Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares during the period. Finally, CENTRAL TRUST Co lifted its holdings in shares of Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.
Shares of Fastenal Company (NASDAQ:FAST) opened at 43.93 on Friday. The stock has a market capitalization of $12.65 billion, a P/E ratio of 24.18 and a beta of 0.99. The stock’s 50 day moving average price is $42.45 and its 200 day moving average price is $45.16. Fastenal Company has a one year low of $37.70 and a one year high of $52.74.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company earned $0.46 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. On average, analysts forecast that Fastenal Company will post $1.93 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were given a $0.32 dividend. The ex-dividend date of this dividend was Monday, July 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.91%. Fastenal’s dividend payout ratio is currently 70.33%.
Fastenal declared that its board has authorized a stock buyback program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In related news, Director Daniel L. Johnson purchased 600 shares of Fastenal stock in a transaction dated Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephen L. Eastman purchased 800 shares of Fastenal stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average price of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. Insiders bought a total of 3,400 shares of company stock worth $142,960 over the last 90 days. 0.55% of the stock is owned by corporate insiders.
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Several analysts have recently weighed in on FAST shares. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the company a “buy” rating in a report on Tuesday, June 6th. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a report on Friday, June 2nd. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, June 13th. Northcoast Research assumed coverage on Fastenal in a report on Tuesday, July 25th. They set a “buy” rating and a $54.00 target price for the company. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 target price (down from $46.00) on shares of Fastenal in a report on Monday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Fastenal presently has a consensus rating of “Buy” and a consensus price target of $50.33.
Fastenal Company Profile
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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