Norway Savings Bank bought a new position in shares of Fastenal (NASDAQ:FAST) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 800 shares of the company’s stock, valued at approximately $36,000.
Other large investors have also modified their holdings of the company. AlphaStar Capital Management LLC boosted its stake in Fastenal by 3.6% in the 2nd quarter. AlphaStar Capital Management LLC now owns 11,885 shares of the company’s stock worth $523,000 after purchasing an additional 414 shares during the period. Townsend & Associates Inc acquired a new position in Fastenal in the 2nd quarter worth approximately $1,966,000. FMR LLC boosted its stake in Fastenal by 72.5% in the 2nd quarter. FMR LLC now owns 1,627,880 shares of the company’s stock worth $69,738,000 after purchasing an additional 684,114 shares during the period. Algert Global LLC boosted its stake in Fastenal by 76.7% in the 2nd quarter. Algert Global LLC now owns 47,824 shares of the company’s stock worth $2,049,000 after purchasing an additional 20,758 shares during the period. Finally, Teza Capital Management LLC acquired a new position in Fastenal in the 2nd quarter worth approximately $254,000. Hedge funds and other institutional investors own 77.18% of the company’s stock.
A number of research firms recently commented on FAST. JPMorgan Chase & Co. raised shares of Fastenal from an “underweight” rating to a “neutral” rating and set a $34.00 price objective for the company in a research note on Tuesday, June 23rd. ValuEngine lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Thursday, October 1st. Raymond James downgraded shares of Fastenal from a “market perform” rating to an “underperform” rating in a research report on Friday, September 4th. Argus increased their target price on shares of Fastenal from $43.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Two investment 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 has a consensus rating of “Hold” and an average price target of $44.36.
In related news, VP Terry Modock Owen sold 1,250 shares of Fastenal stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $49.53, for a total value of $61,912.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Joseph Drazkowski sold 28,554 shares of Fastenal stock in a transaction on Friday, July 24th. The stock was sold at an average price of $45.59, for a total transaction of $1,301,776.86. Following the completion of the transaction, the insider now owns 9,330 shares in the company, valued at approximately $425,354.70. The disclosure for this sale can be found here. Insiders have sold a total of 96,724 shares of company stock worth $4,473,812 in the last 90 days. 0.57% of the stock is owned by insiders.
Fastenal stock opened at $45.26 on Friday. The company has a market capitalization 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’s fifty day simple moving average is $45.63 and its 200-day simple moving average is $42.19. The company has a current ratio of 4.13, a quick ratio of 1.91 and a debt-to-equity ratio of 0.15. Fastenal has a 1-year low of $26.72 and a 1-year 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 analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fastenal had a net margin of 15.07% and a return on equity of 31.19%. Fastenal’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.37 EPS. On average, equities research analysts predict that Fastenal will post 1.46 earnings per share for the current year.
The firm 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 dividend of $0.25 per share. The ex-dividend date is Monday, October 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. Fastenal’s dividend payout ratio is currently 72.46%.
Fastenal Company Profile
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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