Sawtooth Solutions LLC raised its holdings in Fastenal Company (NASDAQ:FAST) by 15.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,473 shares of the company’s stock after acquiring an additional 3,275 shares during the period. Sawtooth Solutions LLC’s holdings in Fastenal were worth $1,065,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of FAST. Macquarie Group Ltd. grew its stake in Fastenal by 77.1% in the fourth quarter. Macquarie Group Ltd. now owns 18,600 shares of the company’s stock valued at $874,000 after acquiring an additional 8,100 shares during the period. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of Fastenal by 13.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 24,480 shares of the company’s stock valued at $1,260,000 after purchasing an additional 2,984 shares in the last quarter. Greenleaf Trust bought a new stake in shares of Fastenal in the first quarter valued at about $838,000. Wells Fargo & Company MN lifted its holdings in shares of Fastenal by 20.7% in the first quarter. Wells Fargo & Company MN now owns 1,722,323 shares of the company’s stock valued at $88,699,000 after purchasing an additional 294,947 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Fastenal by 25.0% in the first quarter. Canada Pension Plan Investment Board now owns 266,033 shares of the company’s stock valued at $13,701,000 after purchasing an additional 53,200 shares in the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Holden Lewis purchased 1,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was bought at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the acquisition, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,400 shares of company stock worth $142,960. Insiders own 0.55% of the company’s stock.
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Fastenal Company (NASDAQ FAST) opened at 43.93 on Friday. Fastenal Company has a 12 month low of $37.70 and a 12 month high of $52.74. The firm has a market cap of $12.65 billion, a P/E ratio of 24.18 and a beta of 0.99. The firm’s 50-day moving average price is $42.45 and its 200-day moving average price is $45.16.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the firm earned $0.46 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Fastenal Company will post $1.93 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, July 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.91%. Fastenal’s dividend payout ratio is currently 70.33%.
Fastenal announced that its board has approved a share repurchase program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
FAST has been the topic of a number of research reports. Morgan Stanley restated an “equal weight” rating and issued a $46.00 price target (down from $50.00) on shares of Fastenal in a report on Monday, June 12th. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, June 2nd. Credit Suisse Group restated a “buy” rating and issued a $52.00 price target on shares of Fastenal in a report on Thursday, July 13th. Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $50.33.
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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