Fastenal Company (FAST) Shares Sold by Rikoon Group LLC
Rikoon Group LLC decreased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 4.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 33,007 shares of the company’s stock after selling 1,635 shares during the period. Rikoon Group LLC’s holdings in Fastenal were worth $1,436,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Fastenal by 4.1% during the first quarter. JPMorgan Chase & Co. now owns 64,504 shares of the company’s stock worth $3,323,000 after purchasing an additional 2,538 shares during the period. FMR LLC lifted its holdings in shares of Fastenal by 150.9% during the first quarter. FMR LLC now owns 2,875,059 shares of the company’s stock worth $148,066,000 after purchasing an additional 1,729,206 shares during the period. Teachers Advisors LLC lifted its holdings in shares of Fastenal by 2.8% during the first quarter. Teachers Advisors LLC now owns 559,285 shares of the company’s stock worth $28,803,000 after purchasing an additional 15,362 shares during the period. Legal & General Group Plc lifted its holdings in shares of Fastenal by 6.1% during the first quarter. Legal & General Group Plc now owns 1,300,653 shares of the company’s stock worth $66,983,000 after purchasing an additional 75,288 shares during the period. Finally, TCW Group Inc. lifted its holdings in shares of Fastenal by 42.7% during the first quarter. TCW Group Inc. now owns 1,632,933 shares of the company’s stock worth $84,096,000 after purchasing an additional 489,011 shares during the period. Institutional investors and hedge funds own 83.02% of the company’s stock.
Shares of Fastenal Company (FAST) traded up 1.39% on Friday, reaching $46.58. The company’s stock had a trading volume of 2,837,286 shares. The stock has a 50-day moving average price of $44.17 and a 200-day moving average price of $44.28. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of 24.84 and a beta of 1.00. Fastenal Company has a 1-year low of $37.88 and a 1-year high of $52.74.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the business posted $0.44 EPS. The company’s revenue was up 11.8% on a year-over-year basis. On average, equities research analysts forecast that Fastenal Company will post $1.93 EPS for the current year.
Fastenal declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, October 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.75%. Fastenal’s dividend payout ratio (DPR) is currently 68.09%.
A number of equities research analysts recently commented on FAST shares. Northcoast Research started coverage on Fastenal in a report on Tuesday, July 25th. They set a “buy” rating and a $54.00 target price for the company. Credit Suisse Group reaffirmed a “buy” rating and set a $52.00 target price on shares of Fastenal in a report on Thursday, July 13th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Thursday, August 3rd. Stephens set a $54.00 target price on Fastenal and gave the stock a “buy” rating in a report on Wednesday. Finally, KeyCorp reaffirmed a “buy” rating and set a $52.00 target price on shares of Fastenal in a report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $50.80.
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In related news, Director Daniel L. Johnson bought 600 shares of the stock in a transaction on Monday, July 24th. The shares were bought at an average cost of $42.71 per share, for a total transaction of $25,626.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen L. Eastman bought 800 shares of the stock in a transaction on 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 acquired a total of 3,400 shares of company stock worth $142,960 over the last quarter. Company insiders own 0.55% of the company’s stock.
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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