Orion Portfolio Solutions LLC increased its position in Fastenal (NASDAQ:FAST – Get Rating) by 4.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,761 shares of the company's stock after purchasing an additional 424 shares during the period. Orion Portfolio Solutions LLC's holdings in Fastenal were worth $537,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its position in Fastenal by 78.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 511 shares of the company's stock worth $26,000 after buying an additional 224 shares during the last quarter. GHP Investment Advisors Inc. purchased a new position in Fastenal in the 1st quarter worth about $31,000. O Dell Group LLC purchased a new position in Fastenal in the 1st quarter worth about $32,000. Cornerstone Advisory LLC purchased a new position in Fastenal in the 4th quarter worth about $38,000. Finally, Allworth Financial LP purchased a new position in Fastenal in the 1st quarter worth about $41,000. Institutional investors own 78.18% of the company's stock.
Get Fastenal alerts:Fastenal Stock Performance
Shares of NASDAQ FAST opened at $47.72 on Monday. The firm has a fifty day moving average price of $50.98 and a 200-day moving average price of $52.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.71 and a quick ratio of 1.75. The stock has a market cap of $27.42 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 2.85 and a beta of 1.21. Fastenal has a 1 year low of $45.68 and a 1 year high of $64.75.
Fastenal (NASDAQ:FAST – Get Rating) last announced its quarterly earnings data on Wednesday, July 13th. The company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.50. The firm had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $1.77 billion. Fastenal had a net margin of 15.70% and a return on equity of 33.47%. The company's revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 earnings per share. Equities analysts anticipate that Fastenal will post 1.86 earnings per share for the current fiscal year.Fastenal declared that its Board of Directors has authorized a share buyback program on Tuesday, July 12th that authorizes the company to buyback 8,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.
Fastenal Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Stockholders of record on Wednesday, July 27th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, July 26th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.60%. Fastenal's dividend payout ratio (DPR) is presently 69.27%.
Insider Transactions at Fastenal
In other news, CAO Sheryl Ann Lisowski acquired 1,058 shares of Fastenal stock in a transaction dated Thursday, July 14th. The stock was purchased at an average cost of $46.63 per share, with a total value of $49,334.54. Following the completion of the purchase, the chief accounting officer now directly owns 5,096 shares in the company, valued at approximately $237,626.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Daniel L. Florness bought 4,000 shares of the company's stock in a transaction that occurred on Wednesday, September 14th. The stock was purchased at an average price of $48.00 per share, for a total transaction of $192,000.00. Following the completion of the transaction, the chief executive officer now owns 281,929 shares in the company, valued at $13,532,592. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sheryl Ann Lisowski bought 1,058 shares of the company's stock in a transaction that occurred on Thursday, July 14th. The shares were bought at an average price of $46.63 per share, with a total value of $49,334.54. Following the transaction, the chief accounting officer now owns 5,096 shares of the company's stock, valued at approximately $237,626.48. The disclosure for this purchase can be found here. Insiders bought a total of 6,058 shares of company stock valued at $289,435 over the last three months. Corporate insiders own 0.40% of the company's stock.
Analyst Ratings Changes
FAST has been the subject of a number of recent analyst reports. Argus decreased their target price on Fastenal from $66.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, July 15th. UBS Group reduced their price target on shares of Fastenal from $62.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, July 14th. Robert W. Baird lowered shares of Fastenal from an "outperform" rating to a "neutral" rating and set a $48.00 price target for the company. in a research report on Thursday, July 14th. Morgan Stanley reduced their price target on shares of Fastenal from $48.00 to $42.00 and set an "underweight" rating for the company in a research report on Thursday, July 14th. Finally, StockNews.com lowered shares of Fastenal from a "buy" rating to a "hold" rating in a research report on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Fastenal presently has an average rating of "Hold" and a consensus target price of $52.00.
Fastenal Company Profile
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Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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