Check Capital Management Inc. CA raised its stake in shares of Fastenal Company (NASDAQ:FAST) by 90.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,496 shares of the company’s stock after purchasing an additional 8,766 shares during the period. Fastenal accounts for 0.1% of Check Capital Management Inc. CA’s portfolio, making the stock its 29th largest position. Check Capital Management Inc. CA’s holdings in Fastenal were worth $805,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Commonwealth Bank of Australia increased its position in Fastenal by 44.9% during the second quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after purchasing an additional 753 shares during the last quarter. FNY Managed Accounts LLC purchased a new stake in Fastenal during the first quarter worth approximately $133,000. Parkside Financial Bank & Trust grew its stake in Fastenal by 0.3% during the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock worth $152,000 after buying an additional 9 shares during the period. Clearbridge Investments LLC grew its stake in Fastenal by 417.7% during the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after buying an additional 2,644 shares during the period. Finally, CENTRAL TRUST Co grew its stake in Fastenal by 13.4% during the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares during the period. 82.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Fastenal Company (FAST) traded up 0.48% on Friday, hitting $43.77. 942,317 shares of the stock traded hands. The stock has a 50-day moving average price of $42.45 and a 200 day moving average price of $45.21. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The stock has a market cap of $12.60 billion, a price-to-earnings ratio of 24.09 and a beta of 0.99.
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. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. Fastenal’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $0.46 earnings per share. On average, analysts anticipate that Fastenal Company will post $1.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders 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 dividend yield of 2.94%. Fastenal’s payout ratio is 70.33%.
Fastenal announced that its Board of Directors has initiated a stock repurchase program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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In related news, CFO Holden Lewis acquired 1,000 shares of the stock in a transaction dated Monday, July 17th. The shares were acquired at an average price of $42.51 per share, for a total transaction of $42,510.00. Following the completion of the purchase, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel L. Johnson acquired 600 shares of the stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 3,400 shares of company stock worth $142,960. 0.55% of the stock is currently owned by corporate insiders.
FAST has been the subject of several research reports. Credit Suisse Group set a $52.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Friday, June 2nd. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, June 13th. Northcoast Research initiated coverage on shares of Fastenal in a research note on Tuesday, July 25th. They set a “buy” rating and a $54.00 price objective for the company. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $43.00 price objective (down from $46.00) on shares of Fastenal in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price 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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