Geneva Advisors LLC Sells 5,946 Shares of Fastenal Company (FAST)
Geneva Advisors LLC cut its position in shares of Fastenal Company (NASDAQ:FAST) by 17.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,348 shares of the company’s stock after selling 5,946 shares during the period. Geneva Advisors LLC’s holdings in Fastenal were worth $1,190,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Fastenal by 3,168.1% in the first quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock worth $899,168,000 after buying an additional 16,925,319 shares during the last quarter. FMR LLC raised its position in shares of Fastenal by 150.9% in the first quarter. FMR LLC now owns 2,875,059 shares of the company’s stock worth $148,066,000 after buying an additional 1,729,206 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Fastenal by 4.6% in the first quarter. Vanguard Group Inc. now owns 30,629,887 shares of the company’s stock worth $1,577,439,000 after buying an additional 1,345,542 shares in the last quarter. Montag & Caldwell LLC acquired a new position in shares of Fastenal during the first quarter worth $56,405,000. Finally, Confluence Investment Management LLC raised its position in shares of Fastenal by 37.9% in the second quarter. Confluence Investment Management LLC now owns 2,381,859 shares of the company’s stock worth $103,682,000 after buying an additional 655,160 shares in the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fastenal Company (NASDAQ:FAST) opened at 41.46 on Monday. The company has a 50-day moving average price of $42.72 and a 200 day moving average price of $45.93. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm has a market capitalization of $11.94 billion, a P/E ratio of 22.82 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 earnings per share. Analysts expect that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Monday, July 24th. Fastenal’s dividend payout ratio is currently 70.33%.
Fastenal announced that its board has initiated a share repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
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FAST has been the topic of a number of recent analyst reports. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Friday, June 2nd. Credit Suisse Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Thursday, May 4th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, June 13th. Northcoast Research initiated coverage on Fastenal in a research note on Tuesday, July 25th. They set a “buy” rating and a $54.00 price target on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and set a $43.00 price target (down previously from $46.00) on shares of Fastenal in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Fastenal has an average rating of “Buy” and an average target price of $49.84.
In related news, Director Daniel L. Johnson bought 600 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. In the last quarter, insiders acquired 3,400 shares of company stock valued at $142,960. Corporate 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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