Diamond Hill Capital Management Inc. Has $22.58 Million Stake in Fastenal Company (FAST)

Diamond Hill Capital Management Inc. lowered its position in Fastenal Company (NASDAQ:FAST) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 518,788 shares of the company’s stock after selling 15,851 shares during the period. Diamond Hill Capital Management Inc. owned 0.18% of Fastenal worth $22,583,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FAST. Thrivent Financial for Lutherans boosted its stake in Fastenal by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,470 shares of the company’s stock valued at $492,000 after buying an additional 620 shares during the last quarter. Kentucky Retirement Systems purchased a new stake in Fastenal during the fourth quarter valued at $985,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Fastenal during the fourth quarter valued at $440,000. Macquarie Group Ltd. boosted its stake in Fastenal by 77.1% in the fourth quarter. Macquarie Group Ltd. now owns 18,600 shares of the company’s stock valued at $874,000 after buying an additional 8,100 shares during the last quarter. Finally, Integrated Investment Consultants LLC boosted its stake in Fastenal by 6.1% in the first quarter. Integrated Investment Consultants LLC now owns 9,459 shares of the company’s stock valued at $487,000 after buying an additional 542 shares during the last quarter. Hedge funds and other institutional investors own 81.68% of the company’s stock.

Shares of Fastenal Company (FAST) traded down 2.24% during mid-day trading on Friday, reaching $40.68. The company’s stock had a trading volume of 3,385,360 shares. Fastenal Company has a 12 month low of $37.70 and a 12 month high of $52.74. The company has a market cap of $11.71 billion, a P/E ratio of 22.39 and a beta of 0.98. The company has a 50-day moving average of $43.10 and a 200-day moving average of $46.24.

Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 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 during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company posted $0.46 earnings per share. Fastenal’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Fastenal Company will post $1.92 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be issued a $0.32 dividend. The ex-dividend date is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.15%. 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 repurchase 5,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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A number of equities analysts have commented on the company. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Thursday, August 3rd. Morgan Stanley restated an “equal weight” rating and set a $46.00 price objective (down previously from $50.00) on shares of Fastenal in a research report on Monday, June 12th. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Finally, Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, six have issued 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 a consensus rating of “Buy” and a consensus price target of $50.14.

In other news, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Holden Lewis bought 1,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was bought at an average price of $42.51 per share, for a total transaction of $42,510.00. Following the transaction, the chief financial officer now owns 2,000 shares of the company’s stock, valued at $85,020. The disclosure for this purchase can be found here. Insiders bought 3,600 shares of company stock worth $154,256 in the last quarter. Company insiders own 0.55% of the company’s stock.

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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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