Clarkston Capital Partners LLC Acquires 61,689 Shares of Fastenal Company (FAST)
Clarkston Capital Partners LLC raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,150,145 shares of the company’s stock after purchasing an additional 61,689 shares during the period. Fastenal comprises about 2.2% of Clarkston Capital Partners LLC’s portfolio, making the stock its 14th largest holding. Clarkston Capital Partners LLC owned approximately 0.40% of Fastenal worth $52,424,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in FAST. JPMorgan Chase & Co. increased its stake in Fastenal by 4.1% during the first quarter. JPMorgan Chase & Co. now owns 64,504 shares of the company’s stock valued at $3,323,000 after purchasing an additional 2,538 shares during the last quarter. Teachers Advisors LLC increased its stake in Fastenal by 2.8% during the first quarter. Teachers Advisors LLC now owns 559,285 shares of the company’s stock valued at $28,803,000 after purchasing an additional 15,362 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in Fastenal by 5.3% during the first quarter. Thrivent Financial For Lutherans now owns 11,020 shares of the company’s stock valued at $566,000 after purchasing an additional 550 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Fastenal by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 914,019 shares of the company’s stock valued at $47,070,000 after purchasing an additional 52,498 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Fastenal during the first quarter valued at $17,394,000. Hedge funds and other institutional investors own 83.20% of the company’s stock.
Several research firms have weighed in on FAST. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Thursday, August 3rd. UBS AG upgraded shares of Fastenal from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Stifel Nicolaus reiterated a “hold” rating and set a $46.00 target price on shares of Fastenal in a research note on Tuesday, August 22nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $46.00 target price (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Fastenal has an average rating of “Buy” and an average target price of $50.80.
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In related news, Director Stephen L. Eastman acquired 800 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average cost of $40.58 per share, with a total value of $32,464.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,000 shares of company stock valued at $1,302,880. Company insiders own 0.55% of the company’s stock.
Fastenal Company (FAST) traded down 0.96% during trading on Wednesday, hitting $46.52. 367,644 shares of the stock traded hands. The stock has a market cap of $13.37 billion, a PE ratio of 24.81 and a beta of 1.00. Fastenal Company has a one year low of $38.09 and a one year high of $52.74. The company has a 50-day moving average price of $45.86 and a 200 day moving average price of $44.05.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.50. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business’s revenue was up 11.8% on a year-over-year basis. During the same period last year, the business earned $0.44 earnings per share. Analysts expect that Fastenal Company will post $1.93 earnings per share for the current year.
Fastenal announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.73%. Fastenal’s payout ratio is presently 68.09%.
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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