Glen Harbor Capital Management LLC Has $26.63 Million Stake in Fastenal (FAST)

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Glen Harbor Capital Management LLC reduced its stake in Fastenal (NASDAQ:FAST) by 4.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 553,184 shares of the company’s stock after selling 25,888 shares during the period. Glen Harbor Capital Management LLC’s holdings in Fastenal were worth $26,625,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Signaturefd LLC purchased a new stake in shares of Fastenal in the first quarter worth $117,000. Institutional & Family Asset Management LLC purchased a new stake in shares of Fastenal in the first quarter worth $122,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Fastenal by 87.8% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,500 shares of the company’s stock worth $135,000 after buying an additional 1,169 shares in the last quarter. Lucia Wealth Services LLC purchased a new stake in shares of Fastenal in the first quarter worth $143,000. Finally, Trust Department MB Financial Bank N A purchased a new stake in shares of Fastenal in the second quarter worth $137,000. 85.84% of the stock is owned by hedge funds and other institutional investors.

NASDAQ FAST opened at $59.04 on Wednesday. The company has a current ratio of 5.62, a quick ratio of 2.57 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $16.75 billion, a P/E ratio of 25.37, a price-to-earnings-growth ratio of 1.63 and a beta of 0.97. Fastenal has a 1 year low of $40.76 and a 1 year high of $61.14.

Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 11th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.08. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Fastenal had a return on equity of 30.82% and a net margin of 14.57%. Fastenal’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. analysts anticipate that Fastenal will post 2.56 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 22nd. Investors of record on Wednesday, July 25th were paid a $0.40 dividend. The ex-dividend date was Tuesday, July 24th. This is a boost from Fastenal’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 2.71%. Fastenal’s dividend payout ratio (DPR) is presently 82.90%.

A number of research firms have weighed in on FAST. BidaskClub downgraded Fastenal from a “buy” rating to a “hold” rating in a research report on Friday, May 11th. Wolfe Research began coverage on Fastenal in a research report on Wednesday, June 27th. They set an “underperform” rating on the stock. Robert W. Baird downgraded Fastenal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, July 3rd. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Tuesday, July 3rd. Finally, BMO Capital Markets lowered their price target on Fastenal from $57.00 to $54.00 and set a “market perform” rating on the stock in a research report on Friday, July 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Fastenal presently has an average rating of “Hold” and a consensus price target of $55.55.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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.

Further Reading: What does RSI mean?

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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