First Mercantile Trust Co. Has $416,000 Position in Fastenal Company (FAST)
First Mercantile Trust Co. cut its stake in shares of Fastenal Company (NASDAQ:FAST) by 61.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,550 shares of the company’s stock after selling 15,100 shares during the period. First Mercantile Trust Co.’s holdings in Fastenal were worth $416,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. Parkside Financial Bank & Trust boosted 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 valued at $152,000 after buying an additional 9 shares in the last quarter. Enterprise Financial Services Corp boosted its position in shares of Fastenal by 0.5% in the second quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock valued at $264,000 after buying an additional 28 shares in the last quarter. Curbstone Financial Management Corp boosted its position in shares of Fastenal by 1.1% in the second quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock valued at $246,000 after buying an additional 60 shares in the last quarter. Suntrust Banks Inc. boosted 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 valued at $491,000 after buying an additional 73 shares in the last quarter. Finally, Ironwood Investment Management LLC boosted its position in shares of Fastenal by 1.2% in the first quarter. Ironwood Investment Management LLC now owns 6,359 shares of the company’s stock valued at $327,000 after buying an additional 75 shares in the last quarter. 81.68% of the stock is owned by hedge funds and other institutional investors.
Fastenal Company (NASDAQ:FAST) opened at 43.09 on Thursday. The firm has a market cap of $12.41 billion, a PE ratio of 23.71 and a beta of 0.98. The firm has a 50-day moving average price of $43.18 and a 200-day moving average price of $46.34. Fastenal Company has a one year low of $37.70 and a one year high of $52.74.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. Fastenal’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. On average, equities analysts expect that Fastenal Company will post $1.92 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.97%. Fastenal’s payout ratio is presently 70.33%.
Fastenal announced that its board has authorized a stock buyback plan on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several equities analysts have weighed in 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. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Stephens started coverage on Fastenal in a report on Friday, June 2nd. They set an “overweight” rating and a $54.00 price target for the company. Finally, BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. The company presently 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 business’s stock in a transaction that occurred on Monday, July 24th. The shares were bought at an average cost of $42.71 per share, with a total value of $25,626.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $344,080.00. The disclosure for this sale can be found here. Insiders purchased 3,600 shares of company stock worth $154,256 over the last three months. 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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