Norway Savings Bank bought a new position in Fastenal (NASDAQ:FAST) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 800 shares of the company’s stock, valued at approximately $36,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Fastenal by 1.4% during the 2nd quarter. BlackRock Inc. now owns 45,737,441 shares of the company’s stock valued at $1,959,395,000 after purchasing an additional 620,997 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Fastenal by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 31,298,052 shares of the company’s stock valued at $1,340,810,000 after purchasing an additional 358,433 shares in the last quarter. London Co. of Virginia raised its holdings in shares of Fastenal by 2.3% during the 2nd quarter. London Co. of Virginia now owns 6,744,825 shares of the company’s stock valued at $288,948,000 after purchasing an additional 151,770 shares in the last quarter. Cantillon Capital Management LLC raised its holdings in shares of Fastenal by 0.9% during the 2nd quarter. Cantillon Capital Management LLC now owns 6,221,215 shares of the company’s stock valued at $266,517,000 after purchasing an additional 55,570 shares in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in shares of Fastenal by 3.2% during the 2nd quarter. Baird Financial Group Inc. now owns 5,837,677 shares of the company’s stock valued at $233,306,000 after purchasing an additional 182,537 shares in the last quarter. Institutional investors own 77.18% of the company’s stock.
Shares of NASDAQ FAST opened at $45.26 on Friday. The stock has a market cap of $25.96 billion, a P/E ratio of 31.00, a P/E/G ratio of 3.63 and a beta of 1.19. The firm has a 50 day moving average price of $45.63 and a 200 day moving average price of $42.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.91 and a current ratio of 4.13. Fastenal has a 52-week low of $26.72 and a 52-week high of $49.86.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Sunday, October 18th. The company reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fastenal had a net margin of 15.07% and a return on equity of 31.19%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.37 earnings per share. Analysts predict that Fastenal will post 1.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, October 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Monday, October 26th. Fastenal’s dividend payout ratio (DPR) is presently 72.46%.
In other news, VP Leland J. Hein sold 9,100 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $44.37, for a total value of $403,767.00. Following the transaction, the vice president now directly owns 19,032 shares of the company’s stock, valued at $844,449.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James C. Jansen sold 15,000 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $45.55, for a total transaction of $683,250.00. Following the completion of the transaction, the executive vice president now directly owns 40,176 shares in the company, valued at $1,830,016.80. The disclosure for this sale can be found here. Insiders have sold 96,724 shares of company stock valued at $4,473,812 in the last 90 days. 0.57% of the stock is currently owned by corporate insiders.
Several research analysts recently commented on FAST shares. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Tuesday, August 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, July 15th. BidaskClub lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Thursday, September 10th. Argus lifted their target price on shares of Fastenal from $43.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Morgan Stanley lifted their price target on shares of Fastenal from $46.00 to $47.00 and gave the company an “equal weight” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $44.36.
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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