Fastenal Company (FAST) Position Cut by Orca Investment Management LLC

Fastenal Company (FAST) Position Cut by Orca Investment Management LLC

Orca Investment Management LLC reduced its position in shares of Fastenal Company (NASDAQ:FAST) by 1.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,977 shares of the company’s stock after selling 423 shares during the period. Fastenal Company makes up about 1.9% of Orca Investment Management LLC’s holdings, making the stock its 19th largest position. Orca Investment Management LLC’s holdings in Fastenal Company were worth $2,059,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dorsey & Whitney Trust CO LLC boosted its position in Fastenal Company by 1.2% in the third quarter. Dorsey & Whitney Trust CO LLC now owns 110,317 shares of the company’s stock worth $4,609,000 after buying an additional 1,269 shares during the last quarter. Rikoon Group LLC bought a new position in Fastenal Company during the third quarter worth approximately $1,660,000. Morgan Stanley boosted its position in Fastenal Company by 34.6% in the third quarter. Morgan Stanley now owns 2,651,197 shares of the company’s stock worth $110,766,000 after buying an additional 681,020 shares during the last quarter. Fred Alger Management Inc. bought a new position in Fastenal Company during the fourth quarter worth approximately $15,516,000. Finally, State Street Corp boosted its position in Fastenal Company by 5.8% in the fourth quarter. State Street Corp now owns 11,993,495 shares of the company’s stock worth $563,456,000 after buying an additional 657,549 shares during the last quarter. 78.11% of the stock is currently owned by institutional investors.

Shares of Fastenal Company (NASDAQ:FAST) traded up 0.33% during mid-day trading on Friday, hitting $45.68. 2,337,670 shares of the stock traded hands. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The stock has a 50 day moving average price of $48.33 and a 200-day moving average price of $47.49. The company has a market cap of $13.21 billion, a P/E ratio of 26.10 and a beta of 1.02.

Fastenal Company (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, April 12th. The company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. Fastenal Company had a return on equity of 26.52% and a net margin of 12.61%. Fastenal Company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. On average, analysts forecast that Fastenal Company will post $1.86 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 24th. Investors of record on Wednesday, April 26th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.80%. The ex-dividend date is Monday, April 24th. Fastenal Company’s dividend payout ratio (DPR) is presently 73.99%.

FAST has been the topic of a number of recent analyst reports. Avondale Partners raised shares of Fastenal Company from a “market perform” rating to an “outperform” rating and upped their target price for the company from $51.00 to $54.00 in a research report on Thursday, January 12th. Zacks Investment Research cut shares of Fastenal Company from a “hold” rating to a “sell” rating in a research report on Monday, January 9th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $49.00 target price on shares of Fastenal Company in a research report on Thursday, April 13th. Stifel Nicolaus upped their target price on shares of Fastenal Company from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Thursday, January 19th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $50.00 target price on shares of Fastenal Company in a research report on Wednesday, April 12th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Fastenal Company has an average rating of “Hold” and an average price target of $50.37.

In related news, Director Darren R. Jackson purchased 5,000 shares of Fastenal Company stock in a transaction that occurred on Friday, April 28th. The shares were purchased at an average cost of $44.75 per share, with a total value of $223,750.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Willard D. Oberton sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $50.19, for a total value of $501,900.00. Following the transaction, the director now directly owns 378,454 shares in the company, valued at $18,994,606.26. The disclosure for this sale can be found here. Insiders have purchased a total of 5,700 shares of company stock worth $255,583 over the last three months. 0.78% of the stock is currently owned by corporate insiders.

About Fastenal Company

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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