Fastenal Company (FAST) Position Lowered by Riverhead Capital Management LLC
Riverhead Capital Management LLC decreased its stake in shares of Fastenal Company (NASDAQ:FAST) by 39.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,161 shares of the company’s stock after selling 19,986 shares during the quarter. Riverhead Capital Management LLC’s holdings in Fastenal were worth $1,356,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its stake in Fastenal by 140.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 23,188 shares of the company’s stock valued at $1,010,000 after purchasing an additional 13,549 shares in the last quarter. Baillie Gifford & Co. increased its stake in Fastenal by 4.8% during the 2nd quarter. Baillie Gifford & Co. now owns 887,788 shares of the company’s stock valued at $38,646,000 after purchasing an additional 40,314 shares in the last quarter. Wilkins Investment Counsel Inc. increased its stake in Fastenal by 57.4% during the 2nd quarter. Wilkins Investment Counsel Inc. now owns 57,875 shares of the company’s stock valued at $2,519,000 after purchasing an additional 21,100 shares in the last quarter. AMG Funds LLC increased its stake in Fastenal by 0.7% during the 2nd quarter. AMG Funds LLC now owns 61,201 shares of the company’s stock valued at $2,664,000 after purchasing an additional 416 shares in the last quarter. Finally, State Farm Mutual Automobile Insurance Co. increased its stake in Fastenal by 33.9% during the 2nd quarter. State Farm Mutual Automobile Insurance Co. now owns 184,223 shares of the company’s stock valued at $8,019,000 after purchasing an additional 46,601 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.
Shares of Fastenal Company (NASDAQ FAST) opened at 43.93 on Friday. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74. The stock has a 50 day moving average of $42.45 and a 200-day moving average of $45.16. The firm has a market cap of $12.65 billion, a price-to-earnings ratio of 24.18 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 EPS. Equities analysts anticipate that Fastenal Company will post $1.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were issued a $0.32 dividend. The ex-dividend date was Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.91%. Fastenal’s payout ratio is 70.33%.
Fastenal declared that its Board of Directors has approved a share repurchase plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign 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 recent analyst reports. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Friday, June 2nd. Robert W. Baird upgraded shares of Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a research note on Wednesday, July 12th. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Credit Suisse Group restated a “buy” rating and set a $52.00 price target on shares of Fastenal in a research note on Thursday, July 13th. Finally, BMO Capital Markets upped their price target on shares of Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $50.33.
In other Fastenal news, Director Stephen L. Eastman bought 800 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average cost of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of Fastenal 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. Insiders bought a total of 3,400 shares of company stock worth $142,960 over the last ninety days. Corporate 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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