LS Investment Advisors LLC boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,284 shares of the company’s stock after buying an additional 965 shares during the period. LS Investment Advisors LLC’s holdings in Fastenal were worth $709,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the stock. Parkside Financial Bank & Trust raised its stake in shares of Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock worth $152,000 after buying an additional 9 shares during the last quarter. Curbstone Financial Management Corp raised its stake in shares of Fastenal by 1.1% in the second quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock worth $246,000 after buying an additional 60 shares during the last quarter. Suntrust Banks Inc. raised its stake in shares of Fastenal by 0.8% in the first quarter. Suntrust Banks Inc. now owns 9,562 shares of the company’s stock worth $491,000 after buying an additional 73 shares during the last quarter. Ironwood Investment Management LLC raised its stake in shares of Fastenal by 1.2% in the first quarter. Ironwood Investment Management LLC now owns 6,359 shares of the company’s stock worth $327,000 after buying an additional 75 shares during the last quarter. Finally, Cleararc Capital Inc. raised its stake in shares of Fastenal by 1.3% in the first quarter. Cleararc Capital Inc. now owns 7,094 shares of the company’s stock worth $365,000 after buying an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 81.68% of the company’s stock.
Fastenal Company (NASDAQ:FAST) traded down 2.24% during midday trading on Friday, hitting $40.68. 3,385,360 shares of the stock traded hands. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The company’s 50-day moving average is $43.10 and its 200-day moving average is $46.24. The company has a market cap of $11.71 billion, a PE ratio of 22.39 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $1.11 billion. During the same period last year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts expect that Fastenal Company will post $1.92 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.15%. Fastenal’s payout ratio is currently 70.33%.
Fastenal announced that its board has approved a stock repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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A number of analysts have weighed in on the company. Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Stephens started coverage on Fastenal in a research report on Friday, June 2nd. They set an “overweight” rating and a $54.00 price target on the stock. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Northcoast Research started coverage on Fastenal in a research report on Tuesday, July 25th. They issued a “buy” rating and a $54.00 target price on the stock. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and set a $47.00 price target (down from $51.00) on shares of Fastenal in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $50.14.
In related news, Director Daniel L. Johnson bought 600 shares of the stock in a transaction on Monday, July 24th. The shares were purchased at an average price of $42.71 per share, with a total value of $25,626.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Holden Lewis bought 1,000 shares of the stock in a transaction on Monday, July 17th. The shares were bought at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the purchase, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 3,600 shares of company stock worth $154,256. 0.55% of the stock is currently owned by insiders.
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.
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