Comerica Securities Inc. Grows Holdings in Fastenal Company (FAST)
Comerica Securities Inc. grew its stake in Fastenal Company (NASDAQ:FAST) by 54.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,668 shares of the company’s stock after buying an additional 4,442 shares during the period. Comerica Securities Inc.’s holdings in Fastenal were worth $551,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia grew its stake in Fastenal by 44.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after buying an additional 753 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in Fastenal by 3.0% in the 2nd 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 purchased a new position in Fastenal in the 1st quarter worth approximately $133,000. CENTRAL TRUST Co grew its stake in Fastenal by 13.4% in the 2nd 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. Finally, Clearbridge Investments LLC grew its stake in Fastenal by 417.7% in the 1st 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. 82.98% of the stock is owned by institutional investors and hedge funds.
Shares of Fastenal Company (FAST) traded up 0.85% during midday trading on Friday, hitting $43.93. 3,413,086 shares of the stock were exchanged. The firm has a market cap of $12.65 billion, a PE ratio of 24.18 and a beta of 0.99. The firm’s 50-day moving average is $42.45 and its 200 day moving average is $45.16. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74.
Fastenal (NASDAQ:FAST) last posted its earnings results 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 during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm posted $0.46 earnings per share. Fastenal’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts forecast that Fastenal Company will post $1.93 earnings per share for the current year.
Fastenal declared that its board has authorized a share repurchase plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
A number of equities analysts have commented on the stock. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. Stephens assumed coverage on shares of Fastenal in a research note on Friday, June 2nd. They issued an “overweight” rating and a $54.00 price target for the company. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Northcoast Research assumed coverage on shares of Fastenal in a research note on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price target for the company. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $47.00 price target (down previously from $51.00) on shares of Fastenal in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $50.33.
In other Fastenal news, insider William Joseph Drazkowski bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was purchased at an average cost of $42.36 per share, with a total value of $42,360.00. Following the completion of the acquisition, the insider now owns 1,960 shares in the company, valued at approximately $83,025.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,400 shares of company stock valued at $142,960. 0.55% of the stock is currently owned by insiders.
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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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