Paloma Partners Management Co cut its position in shares of Fastenal Company (NASDAQ:FAST) by 82.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,917 shares of the company’s stock after selling 17,987 shares during the period. Paloma Partners Management Co’s holdings in Fastenal were worth $202,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. Parkside Financial Bank & Trust increased its position 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 period. Suntrust Banks Inc. increased its position 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 period. Cleararc Capital Inc. increased its position 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 period. Ameritas Investment Partners Inc. increased its position in shares of Fastenal by 0.9% in the first quarter. Ameritas Investment Partners Inc. now owns 12,110 shares of the company’s stock worth $624,000 after buying an additional 104 shares during the period. Finally, Albert D Mason Inc. increased its position in shares of Fastenal by 1.6% in the first quarter. Albert D Mason Inc. now owns 8,300 shares of the company’s stock worth $427,000 after buying an additional 130 shares during the period. 82.54% of the stock is owned by hedge funds and other institutional investors.
Fastenal Company (FAST) opened at 42.61 on Friday. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74. The stock has a market cap of $12.27 billion, a PE ratio of 23.45 and a beta of 0.98. The firm has a 50-day moving average price of $43.14 and a 200 day moving average price of $46.53.
Fastenal (NASDAQ:FAST) last announced 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 return on equity of 30.06% and a net margin of 13.28%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts anticipate that Fastenal Company will post $1.92 earnings per share for the current year.
Fastenal announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 11th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
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A number of equities analysts recently issued reports on the company. Raymond James Financial, Inc. raised Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price target for the company in a report on Wednesday, April 19th. UBS AG raised Fastenal from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 19th. Argus raised Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Tuesday, April 18th. Stephens assumed coverage on Fastenal in a report on Friday, June 2nd. They issued an “overweight” rating and a $54.00 price target for the company. Finally, Zacks Investment Research downgraded Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $50.14.
In other Fastenal news, Director Daniel L. Johnson bought 600 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $42.71 per share, for a total transaction of $25,626.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Holden Lewis bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The shares were acquired at an average price of $43.76 per share, with a total value of $43,760.00. Following the purchase, the chief financial officer now owns 1,000 shares in the company, valued at $43,760. The disclosure for this purchase can be found here. Insiders have bought 3,600 shares of company stock worth $154,256 over the last ninety days. 0.55% of the stock is 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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