Orleans Capital Management Corp LA Maintains Stake in Fastenal Company (FAST)
Orleans Capital Management Corp LA maintained its stake in Fastenal Company (NASDAQ:FAST) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,805 shares of the company’s stock at the end of the second quarter. Orleans Capital Management Corp LA’s holdings in Fastenal were worth $949,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the business. Verition Fund Management LLC purchased a new position in Fastenal in the 2nd quarter worth approximately $745,000. Grandeur Peak Global Advisors LLC increased its stake in Fastenal by 106.3% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 219,350 shares of the company’s stock worth $9,548,000 after purchasing an additional 113,025 shares during the period. Krilogy Financial LLC increased its stake in Fastenal by 2.0% in the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after purchasing an additional 70 shares during the period. Scotia Capital Inc. increased its stake in Fastenal by 27.1% in the 2nd quarter. Scotia Capital Inc. now owns 33,481 shares of the company’s stock worth $1,457,000 after purchasing an additional 7,132 shares during the period. Finally, Nomura Holdings Inc. purchased a new position in Fastenal in the 2nd quarter worth approximately $1,700,000. 83.02% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Stephen L. Eastman acquired 800 shares of Fastenal stock in a transaction on Tuesday, August 22nd. The shares were bought at an average cost of $40.58 per share, for a total transaction of $32,464.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William Joseph Drazkowski acquired 1,000 shares of Fastenal stock in a transaction on Friday, July 21st. The shares were purchased at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the acquisition, the insider now directly owns 1,960 shares in the company, valued at $83,025.60. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,400 shares of company stock worth $142,960 over the last 90 days. 0.55% of the stock is currently owned by company insiders.
Shares of Fastenal Company (NASDAQ FAST) traded up 1.72% during midday trading on Friday, hitting $46.73. The stock had a trading volume of 1,210,625 shares. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74. The company has a market cap of $13.43 billion, a PE ratio of 24.92 and a beta of 1.00. The company’s 50 day moving average is $43.94 and its 200 day moving average is $44.35.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. Fastenal’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. On average, analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, October 24th. This represents a $1.28 annualized dividend and a yield of 2.79%. Fastenal’s payout ratio is currently 68.09%.
Fastenal announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
A number of brokerages have commented on FAST. KeyCorp reaffirmed a “buy” rating and issued a $52.00 price target on shares of Fastenal in a research note on Thursday. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Northcoast Research began coverage on Fastenal in a research note on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price target on the stock. BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 price target (up from $46.00) on shares of Fastenal in a research note on Tuesday. Finally, Stephens set a $54.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $50.80.
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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