Pacific Alternative Asset Management Company LLC Buys New Position in Fastenal Company (FAST)

Pacific Alternative Asset Management Company LLC bought a new stake in Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 91,679 shares of the company’s stock, valued at approximately $3,991,000. Fastenal accounts for 1.0% of Pacific Alternative Asset Management Company LLC’s investment portfolio, making the stock its 14th biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia lifted its stake in shares of Fastenal by 44.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after purchasing an additional 753 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Fastenal by 3.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after purchasing an additional 88 shares during the period. FNY Managed Accounts LLC purchased a new position in shares of Fastenal in the 1st quarter valued at approximately $133,000. CENTRAL TRUST Co lifted its stake in shares of Fastenal by 13.4% in the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after purchasing an additional 433 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in shares of Fastenal by 417.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after purchasing an additional 2,644 shares during the period. Institutional investors own 82.97% of the company’s stock.

A number of research analysts have recently commented on FAST shares. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Friday, June 2nd. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 target price for the company in a research note on Wednesday, July 12th. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Credit Suisse Group restated a “buy” rating and issued a $52.00 target price on shares of Fastenal in a research note on Thursday, July 13th. Finally, BMO Capital Markets raised their target price on Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Fastenal presently has a consensus rating of “Buy” and a consensus price target of $50.33.

In other news, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen L. Eastman bought 800 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average price of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. Insiders have bought a total of 3,400 shares of company stock worth $142,960 over the last 90 days. Insiders own 0.55% of the company’s stock.

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Fastenal Company (NASDAQ:FAST) traded down 0.58% during mid-day trading on Friday, hitting $44.23. The company’s stock had a trading volume of 614,908 shares. The firm’s 50-day moving average is $42.50 and its 200-day moving average is $44.98. The company has a market cap of $12.74 billion, a P/E ratio of 24.34 and a beta of 0.99. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. 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 earned $0.46 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts predict that Fastenal Company will post $1.93 EPS for the current fiscal year.

Fastenal announced that its board has approved a share buyback plan on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend was Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.

Fastenal 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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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