Fastenal Company (FAST) Stake Boosted by Dorsey & Whitney Trust CO LLC
Dorsey & Whitney Trust CO LLC grew its position in Fastenal Company (NASDAQ:FAST) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,439 shares of the company’s stock after purchasing an additional 3,760 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Fastenal were worth $4,939,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia raised its position in shares of Fastenal by 44.9% in the second 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. FNY Managed Accounts LLC acquired a new stake in shares of Fastenal in the first quarter worth $133,000. Parkside Financial Bank & Trust grew its stake 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 worth $152,000 after acquiring an additional 9 shares during the last quarter. Clearbridge Investments LLC grew its stake 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 acquiring an additional 2,644 shares during the last quarter. Finally, CENTRAL TRUST Co grew its stake 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 acquiring an additional 433 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors.
Several equities research analysts have recently issued reports on FAST shares. Morgan Stanley restated an “equal weight” rating and issued a $46.00 price objective (down previously from $50.00) on shares of Fastenal in a research note 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 research note on Friday, June 2nd. Credit Suisse Group restated a “buy” rating and issued a $52.00 price objective on shares of Fastenal in a research note on Thursday, July 13th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, BidaskClub downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal currently has a consensus rating of “Buy” and an average price target of $50.33.
In other news, CFO Holden Lewis bought 1,000 shares of the company’s stock in a transaction on Monday, July 17th. The stock was purchased at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the completion of the transaction, the chief financial officer now owns 2,000 shares of the company’s stock, valued at $85,020. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael John Dolan sold 8,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were 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 3,400 shares of company stock worth $142,960 over the last ninety days. 0.55% of the stock is currently owned by insiders.
Fastenal Company (FAST) traded up 0.14% on Thursday, hitting $43.61. The company had a trading volume of 257,739 shares. The firm has a 50-day moving average price of $42.47 and a 200-day moving average price of $45.23. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The firm has a market capitalization of $12.56 billion, a PE ratio of 24.00 and a beta of 0.99.
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 the consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. Fastenal’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. On average, equities research analysts anticipate that Fastenal Company will post $1.93 earnings per share for the current fiscal year.
Fastenal declared that its Board of Directors has initiated a share buyback program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.94%. The ex-dividend date was Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
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.
Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST).
Receive News & Ratings for Fastenal Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal Company and related companies with MarketBeat.com's FREE daily email newsletter.