Fastenal Company (NASDAQ:FAST) Position Lowered by TD Asset Management Inc.
TD Asset Management Inc. decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 15.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 369,405 shares of the company’s stock after selling 66,502 shares during the period. TD Asset Management Inc.’s holdings in Fastenal were worth $16,080,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in FAST. Parkside Financial Bank & Trust increased its position in shares of Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares in the last quarter. FNY Managed Accounts LLC acquired a new position in shares of Fastenal during the first quarter worth approximately $133,000. CENTRAL TRUST Co increased its position in shares of Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after buying an additional 2,644 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Fastenal during the first quarter worth approximately $191,000. Institutional investors own 82.54% of the company’s stock.
Fastenal Company (FAST) opened at 42.61 on Friday. The company has a market capitalization of $12.27 billion, a P/E ratio of 23.45 and a beta of 0.98. The stock’s 50 day moving average price is $43.14 and its 200 day moving average price is $46.53. Fastenal Company has a one year low of $37.70 and a one year high of $52.74.
Fastenal (NASDAQ:FAST) last released its quarterly 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. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a return on equity of 30.06% and a net margin of 13.28%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. Equities analysts anticipate that Fastenal Company will post $1.92 EPS for the current fiscal year.
Fastenal declared that its Board of Directors has initiated a stock 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. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s payout ratio is 70.33%.
A number of equities analysts have issued reports on the company. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Friday, June 2nd. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Thursday, May 4th. Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, April 19th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Tuesday, April 18th. Finally, Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $50.14.
In other Fastenal news, CFO Holden Lewis bought 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, May 25th. The shares were bought at an average cost of $43.76 per share, with a total value of $43,760.00. Following the transaction, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at approximately $43,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel L. Johnson bought 600 shares of Fastenal stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 3,600 shares of company stock valued at $154,256. Corporate insiders own 0.55% of the company’s stock.
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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