Mackay Shields LLC lessened its stake in Fastenal (NASDAQ:FAST) by 0.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,781 shares of the company’s stock after selling 635 shares during the period. Mackay Shields LLC’s holdings in Fastenal were worth $2,743,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Oppenheimer & Co. Inc. boosted its position in shares of Fastenal by 33.3% during the 1st quarter. Oppenheimer & Co. Inc. now owns 75,027 shares of the company’s stock valued at $2,345,000 after purchasing an additional 18,757 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Fastenal by 1.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 226,325 shares of the company’s stock valued at $7,072,000 after purchasing an additional 2,237 shares in the last quarter. Todd Asset Management LLC bought a new position in shares of Fastenal during the 1st quarter valued at about $14,336,000. Mawer Investment Management Ltd. boosted its position in shares of Fastenal by 10.8% during the 1st quarter. Mawer Investment Management Ltd. now owns 1,183,795 shares of the company’s stock valued at $36,994,000 after purchasing an additional 115,175 shares in the last quarter. Finally, Bartlett & Co. LLC bought a new position in shares of Fastenal during the 1st quarter valued at about $149,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.
Several research firms have recently weighed in on FAST. ValuEngine upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Wells Fargo & Co raised shares of Fastenal from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Thursday, March 19th. Morgan Stanley upped their price objective on shares of Fastenal from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. BidaskClub raised shares of Fastenal from a “hold” rating to a “buy” rating in a research note on Tuesday, April 28th. Finally, Robert W. Baird upped their price objective on shares of Fastenal from $39.00 to $42.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Fastenal has a consensus rating of “Hold” and an average price target of $71.30.
NASDAQ FAST opened at $38.68 on Friday. The company has a 50 day simple moving average of $35.71 and a 200-day simple moving average of $35.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.25 and a quick ratio of 1.93. The firm has a market capitalization of $22.17 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 3.30 and a beta of 1.16. Fastenal has a 52-week low of $26.72 and a 52-week high of $40.46.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, April 14th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Fastenal had a net margin of 14.83% and a return on equity of 30.71%. The firm’s revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.34 earnings per share. On average, analysts predict that Fastenal will post 1.3 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Monday, April 27th. Fastenal’s dividend payout ratio (DPR) is 72.46%.
In related news, Director Willard D. Oberton sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $39.71, for a total transaction of $1,588,400.00. Following the transaction, the director now owns 54,194 shares of the company’s stock, valued at $2,152,043.74. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider William Joseph Drazkowski sold 7,142 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $39.40, for a total transaction of $281,394.80. Following the transaction, the insider now directly owns 12,722 shares in the company, valued at approximately $501,246.80. The disclosure for this sale can be found here. Insiders sold 87,733 shares of company stock valued at $3,397,099 over the last three months. 0.57% of the stock is owned by insiders.
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.
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