CWA Asset Management Group LLC acquired a new position in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent filing with the SEC. The firm acquired 64,350 shares of the company’s stock, valued at approximately $2,801,000.
Several other hedge funds have also modified their holdings of FAST. DekaBank Deutsche Girozentrale grew its position in shares of Fastenal by 96.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 23,787 shares of the company’s stock worth $1,269,000 after buying an additional 11,665 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Fastenal by 6.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,950 shares of the company’s stock worth $409,000 after buying an additional 500 shares during the last quarter. Davis R M Inc. bought a new stake in shares of Fastenal in the 1st quarter worth approximately $304,000. US Bancorp DE grew its position in shares of Fastenal by 2.9% in the 1st quarter. US Bancorp DE now owns 466,964 shares of the company’s stock worth $24,049,000 after buying an additional 12,996 shares during the last quarter. Finally, Suntrust Banks Inc. grew its position in shares of Fastenal by 0.8% in the 1st quarter. Suntrust Banks Inc. now owns 9,562 shares of the company’s stock worth $491,000 after buying an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.
Fastenal Company (NASDAQ FAST) traded up 1.0496% on Tuesday, hitting $43.4109. The stock had a trading volume of 455,648 shares. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of 23.8915 and a beta of 0.99. The stock’s 50-day moving average is $42.44 and its 200 day moving average is $45.30.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Fastenal’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Fastenal Company will post $1.93 earnings per share for the current fiscal year.
The company 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. The ex-dividend date of this dividend was Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.98%. Fastenal’s dividend payout ratio (DPR) is currently 70.33%.
Fastenal announced that its board has authorized a share repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, CFO Holden Lewis acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The shares were bought at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at $85,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel L. Johnson bought 600 shares of the stock in a transaction on Monday, July 24th. The shares were bought at an average price of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 3,400 shares of company stock worth $142,960. 0.55% of the stock is owned by insiders.
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A number of brokerages have recently weighed in on FAST. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Thursday, August 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price objective (down from $50.00) on shares of Fastenal in a research report on Monday, June 12th. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Finally, Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Friday, June 2nd. 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 given a strong buy rating to the company. Fastenal presently has an average rating of “Buy” and a consensus price target of $50.33.
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.
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