Trade Report: The Spectrum Management Group Inc. Raises Stake in Fastenal Co. (FAST)

The Spectrum Management Group Inc. Raises Stake in Fastenal Co. (FAST)

Spectrum Management Group Inc. boosted its stake in shares of Fastenal Co. (NASDAQ:FAST) by 153.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,395 shares of the company’s stock after buying an additional 3,270 shares during the period. Spectrum Management Group Inc.’s holdings in Fastenal were worth $239,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Strategic Advisors LLC boosted its position in Fastenal by 0.4% in the second quarter. Strategic Advisors LLC now owns 13,304 shares of the company’s stock worth $591,000 after buying an additional 47 shares during the period. Washington Trust Bank boosted its position in Fastenal by 2.3% in the second quarter. Washington Trust Bank now owns 2,762 shares of the company’s stock worth $123,000 after buying an additional 62 shares during the period. 1st Global Advisors Inc. boosted its position in Fastenal by 0.4% in the second quarter. 1st Global Advisors Inc. now owns 21,092 shares of the company’s stock worth $936,000 after buying an additional 84 shares during the period. Cleararc Capital Inc. boosted its position in Fastenal by 2.1% in the first quarter. Cleararc Capital Inc. now owns 7,241 shares of the company’s stock worth $355,000 after buying an additional 152 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in Fastenal by 2.4% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 10,397 shares of the company’s stock worth $462,000 after buying an additional 247 shares during the period. 82.15% of the stock is owned by institutional investors and hedge funds.

Shares of Fastenal Co. (NASDAQ:FAST) traded down 0.18% on Monday, reaching $38.27. The company’s stock had a trading volume of 2,704,070 shares. The firm’s 50-day moving average price is $41.13 and its 200-day moving average price is $43.84. The stock has a market cap of $11.06 billion, a P/E ratio of 21.87 and a beta of 0.99. Fastenal Co. has a 12 month low of $35.10 and a 12 month high of $49.99.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, October 11th. The company reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. The business earned $1.01 billion during the quarter. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.47 EPS. On average, analysts forecast that Fastenal Co. will post $1.74 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be given a $0.30 dividend. The ex-dividend date is Friday, October 21st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.14%. Fastenal’s dividend payout ratio is currently 69.77%.

A number of research firms have commented on FAST. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Fastenal in a research report on Sunday, September 4th. Zacks Investment Research downgraded Fastenal from a “hold” rating to a “sell” rating in a report on Friday. Robert W. Baird reissued a “neutral” rating and set a $45.00 target price on shares of Fastenal in a report on Thursday. BMO Capital Markets reissued a “market perform” rating and set a $47.00 target price on shares of Fastenal in a report on Wednesday, July 13th. Finally, Argus downgraded Fastenal from a “buy” rating to a “hold” rating in a report on Friday. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. Fastenal presently has an average rating of “Hold” and an average price target of $47.15.

In other Fastenal news, Director Michael J. Ancius acquired 700 shares of the business’s stock in a transaction dated Thursday, October 13th. The shares were purchased at an average cost of $38.82 per share, for a total transaction of $27,174.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.78% of the stock is owned by insiders.

About Fastenal

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.

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