Polen Capital Management LLC Has $1.15 Million Position in Fastenal Company (FAST)

Polen Capital Management LLC lowered its holdings in Fastenal Company (NASDAQ:FAST) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,400 shares of the company’s stock after selling 263 shares during the quarter. Fastenal accounts for about 0.0% of Polen Capital Management LLC’s investment portfolio, making the stock its 24th biggest position. Polen Capital Management LLC’s holdings in Fastenal were worth $1,149,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI grew its stake in Fastenal by 28.9% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 15,082 shares of the company’s stock worth $777,000 after buying an additional 3,378 shares during the last quarter. State Treasurer State of Michigan lifted its position in shares of Fastenal by 0.5% during the first quarter. State Treasurer State of Michigan now owns 95,036 shares of the company’s stock worth $4,894,000 after purchasing an additional 500 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Fastenal by 0.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 797,290 shares of the company’s stock worth $41,060,000 after purchasing an additional 2,899 shares in the last quarter. Albert D Mason Inc. lifted its position in shares of Fastenal by 1.6% during the first quarter. Albert D Mason Inc. now owns 8,300 shares of the company’s stock worth $427,000 after purchasing an additional 130 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Fastenal by 63.2% during the first quarter. First Trust Advisors LP now owns 770,693 shares of the company’s stock worth $39,691,000 after purchasing an additional 298,448 shares in the last quarter. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts recently weighed in on FAST shares. BidaskClub lowered shares of Fastenal from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Stifel Nicolaus restated a “hold” rating and issued a $46.00 price objective on shares of Fastenal in a report on Tuesday, August 22nd. BMO Capital Markets restated a “hold” rating and issued a $46.00 price objective on shares of Fastenal in a report on Monday, August 21st. Northcoast Research reaffirmed a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Finally, Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Fastenal currently has a consensus rating of “Buy” and an average price target of $50.33.

In related news, Director Daniel L. Johnson bought 600 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were purchased at an average price of $42.71 per share, with a total value of $25,626.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Holden Lewis bought 1,000 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were bought at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the transaction, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. Insiders have bought a total of 3,400 shares of company stock worth $142,960 over the last ninety days. Insiders own 0.55% of the company’s stock.

Shares of Fastenal Company (NASDAQ FAST) traded up 0.67% during mid-day trading on Friday, reaching $43.85. 1,391,219 shares of the company’s stock were exchanged. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74. The company has a market cap of $12.63 billion, a PE ratio of 24.13 and a beta of 0.99. The company’s 50-day moving average price is $42.45 and its 200 day moving average price is $45.21.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm earned $0.46 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Fastenal Company will post $1.93 EPS for the current year.

Fastenal declared that its board has initiated a share repurchase program on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were issued a dividend of $0.32 per share. The ex-dividend date was Monday, July 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.94%. Fastenal’s dividend payout ratio (DPR) is 70.33%.

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About Fastenal

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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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