Beck Mack & Oliver LLC Maintains Position in Fastenal Company (NASDAQ:FAST)

Beck Mack & Oliver LLC maintained its stake in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,000 shares of the company’s stock at the end of the second quarter. Beck Mack & Oliver LLC’s holdings in Fastenal were worth $305,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Fayerweather Charles purchased a new position in Fastenal during the second quarter worth about $209,000. Advisory Services Network LLC bought a new position in shares of Fastenal during the first quarter valued at $191,000. Grandeur Peak Global Advisors LLC increased its position in shares of Fastenal by 2.3% in the first quarter. Grandeur Peak Global Advisors LLC now owns 106,325 shares of the company’s stock valued at $5,476,000 after buying an additional 2,425 shares during the last quarter. CENTRAL TRUST Co increased its position 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 last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Fastenal by 5.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,332,219 shares of the company’s stock valued at $68,610,000 after buying an additional 68,976 shares during the last quarter. Institutional investors and hedge funds own 81.68% of the company’s stock.

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

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. Analysts forecast that Fastenal Company will post $1.92 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.

Fastenal announced that its Board of Directors has approved a stock buyback program on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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Several equities analysts have recently weighed in on FAST shares. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a report on Friday, June 2nd. Credit Suisse Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a report on Thursday, May 4th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Tuesday, June 13th. Northcoast Research initiated coverage on Fastenal in a research report on Tuesday, July 25th. They set a “buy” rating and a $54.00 price objective on the stock. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective (down from $46.00) on shares of Fastenal in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $50.14.

In other Fastenal news, CFO Holden Lewis bought 1,000 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were bought at an average price of $43.76 per share, for a total transaction of $43,760.00. Following the transaction, the chief financial officer now owns 1,000 shares of the company’s stock, valued at approximately $43,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel L. Johnson bought 600 shares of the company’s stock in a transaction on Monday, July 24th. The shares were acquired at an average price of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Insiders purchased a total of 3,600 shares of company stock worth $154,256 in the last 90 days. 0.55% of the stock is currently owned by insiders.

About Fastenal

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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