Public Employees Retirement Association of Colorado decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,017 shares of the company’s stock after selling 33 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fastenal were worth $2,395,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in FAST. Armstrong Henry H Associates Inc. boosted its position in shares of Fastenal by 8.7% in the second quarter. Armstrong Henry H Associates Inc. now owns 44,480 shares of the company’s stock valued at $1,936,000 after buying an additional 3,575 shares during the period. FineMark National Bank & Trust boosted its position in shares of Fastenal by 40.1% in the second quarter. FineMark National Bank & Trust now owns 12,145 shares of the company’s stock valued at $529,000 after buying an additional 3,477 shares during the period. Fayerweather Charles acquired a new position in shares of Fastenal during the second quarter valued at $209,000. Clarkston Capital Partners LLC boosted its position in shares of Fastenal by 12.0% in the second quarter. Clarkston Capital Partners LLC now owns 1,088,456 shares of the company’s stock valued at $47,380,000 after buying an additional 116,843 shares during the period. Finally, Harvey Investment Co. LLC boosted its position in shares of Fastenal by 1.8% in the second quarter. Harvey Investment Co. LLC now owns 345,214 shares of the company’s stock valued at $15,027,000 after buying an additional 6,028 shares during the period. 81.68% of the stock is currently owned by hedge funds and other institutional investors.
Fastenal Company (FAST) traded down 2.24% on Friday, hitting $40.68. 3,385,360 shares of the company were exchanged. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74. The stock’s 50-day moving average price is $43.10 and its 200-day moving average price is $46.24. The stock has a market capitalization of $11.71 billion, a P/E ratio of 22.39 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last issued its 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 company had revenue of $1.12 billion during 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 quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 EPS. On average, equities research analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
Fastenal declared that its Board of Directors has approved a share repurchase plan on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced 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. This represents a $1.28 annualized dividend and a yield of 3.15%. The ex-dividend date is Monday, July 24th. Fastenal’s payout ratio is currently 70.33%.
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Several brokerages have recently weighed in on FAST. Credit Suisse Group set a $52.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research note on Thursday, May 4th. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, June 13th. Northcoast Research restated a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Fastenal in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Fastenal presently has a consensus rating of “Buy” and a consensus target price of $50.14.
In other Fastenal news, CFO Holden Lewis purchased 1,000 shares of the stock in a transaction dated Thursday, May 25th. The stock was acquired at an average cost of $43.76 per share, for a total transaction of $43,760.00. Following the acquisition, the chief financial officer now owns 1,000 shares in the company, valued at approximately $43,760. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction dated Monday, July 24th. The shares were acquired at an average price of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 3,600 shares of company stock valued at $154,256. 0.55% of the stock is owned by company 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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