HighTower Advisors LLC Reduces Holdings in Fastenal Company (FAST)
HighTower Advisors LLC decreased its stake in Fastenal Company (NASDAQ:FAST) by 3.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 121,393 shares of the company’s stock after selling 4,605 shares during the quarter. HighTower Advisors LLC’s holdings in Fastenal were worth $5,271,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. Commonwealth Bank of Australia grew its holdings in shares of Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after acquiring an additional 753 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Fastenal by 3.0% during the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after acquiring an additional 88 shares in the last quarter. FNY Managed Accounts LLC purchased a new stake in shares of Fastenal during the first quarter worth $133,000. CENTRAL TRUST Co raised its holdings in shares of 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 in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in shares of Fastenal by 417.7% during the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after acquiring an additional 2,644 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.
Shares of Fastenal Company (NASDAQ:FAST) traded up 0.61% on Tuesday, hitting $46.04. The stock had a trading volume of 132,818 shares. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74. The stock’s 50-day moving average price is $43.06 and its 200 day moving average price is $44.58. The company has a market cap of $13.26 billion, a PE ratio of 25.34 and a beta of 1.00.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the firm earned $0.46 EPS. Fastenal’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts predict that Fastenal Company will post $1.92 EPS for the current year.
Fastenal announced that its board has initiated a share repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Holden Lewis bought 1,000 shares of Fastenal stock in a transaction dated Monday, July 17th. The shares were acquired at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,400 shares of company stock worth $142,960. Company insiders own 0.55% of the company’s stock.
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A number of research analysts have commented on FAST shares. Stifel Nicolaus restated a “hold” rating and issued a $46.00 target price (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. BMO Capital Markets reiterated a “hold” rating and set a $46.00 price target on shares of Fastenal in a report on Monday, August 21st. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Tuesday, June 13th. Finally, Morgan Stanley increased their price objective on Fastenal from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $50.53.
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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