Fastenal Company (NASDAQ:FAST) Shares Sold by Janney Montgomery Scott LLC
Janney Montgomery Scott LLC lowered its position in Fastenal Company (NASDAQ:FAST) by 24.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,823 shares of the company’s stock after selling 9,738 shares during the period. Janney Montgomery Scott LLC’s holdings in Fastenal were worth $1,342,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Fayerweather Charles bought a new stake in shares of Fastenal during the second quarter worth approximately $209,000. Advisory Services Network LLC bought a new stake in shares of Fastenal during the first quarter worth approximately $191,000. Schwab Charles Investment Management Inc. raised its stake in shares of Fastenal by 5.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,332,219 shares of the company’s stock worth $68,610,000 after buying an additional 68,976 shares during the last quarter. State Street Corp raised its stake in shares of Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock worth $621,683,000 after buying an additional 77,914 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in shares of Fastenal by 1.1% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 254,520 shares of the company’s stock worth $11,079,000 after buying an additional 2,656 shares during the last quarter. Institutional investors and hedge funds own 82.54% of the company’s stock.
Shares of Fastenal Company (FAST) opened at 42.36 on Friday. The firm has a 50-day moving average of $43.14 and a 200 day moving average of $46.59. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74. The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of 23.31 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.11 billion. During the same period last year, the firm earned $0.46 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is 70.33%.
Fastenal announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 11th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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FAST has been the topic of a number of research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $46.00 price objective (down from $50.00) on shares of Fastenal in a report on Monday, June 12th. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Friday, June 2nd. Credit Suisse Group restated a “buy” rating and set a $52.00 price objective on shares of Fastenal in a report on Thursday, July 13th. Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, BidaskClub lowered shares of 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, six have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Fastenal presently has an average rating of “Buy” and an average target price of $50.14.
In other news, insider William Joseph Drazkowski bought 1,000 shares of the stock in a transaction dated Friday, July 21st. The stock was bought at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the acquisition, the insider now directly owns 1,960 shares in the company, valued at approximately $83,025.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel L. Johnson bought 600 shares of the stock in a transaction dated Monday, July 24th. The stock was purchased at an average price of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. Insiders acquired 3,600 shares of company stock worth $154,256 over the last ninety days. 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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