Loring Wolcott & Coolidge Fiduciary Advisors LLP MA trimmed its position in shares of Fastenal Company (NASDAQ:FAST) by 27.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,695 shares of the company’s stock after selling 16,622 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Fastenal were worth $2,037,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in FAST. Commonwealth Bank of Australia boosted its stake in shares of Fastenal by 44.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after buying an additional 753 shares during the period. Cable Hill Partners LLC purchased a new position in shares of Fastenal in the 3rd quarter valued at about $126,000. Parkside Financial Bank & Trust boosted its stake in shares of Fastenal by 3.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after buying an additional 88 shares during the period. Krilogy Financial LLC boosted its stake in shares of Fastenal by 2.0% in the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock valued at $154,000 after buying an additional 70 shares during the period. Finally, CENTRAL TRUST Co boosted its stake in shares of Fastenal by 13.4% in the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the period. Institutional investors own 83.20% of the company’s stock.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the firm earned $0.44 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Tuesday, October 24th. Fastenal’s dividend payout ratio is currently 68.09%.
Fastenal declared that its Board of Directors has initiated a share repurchase plan on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other Fastenal news, Director Stephen L. Eastman bought 800 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average cost of $40.58 per share, for a total transaction of $32,464.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Leland J. Hein sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.74, for a total value of $487,400.00. Following the completion of the sale, the insider now owns 20,258 shares in the company, valued at $987,374.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,000 shares of company stock worth $1,302,880. 0.55% of the stock is owned by insiders.
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FAST has been the subject of several recent research reports. Stifel Nicolaus reiterated a “hold” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. BMO Capital Markets reissued a “hold” rating and set a $46.00 target price on shares of Fastenal in a research report on Monday, August 21st. BidaskClub lowered Fastenal from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Stephens set a $54.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Wednesday, October 11th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $46.00 target price (up previously from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $50.80.
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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