TD Asset Management Inc. cut its position in shares of Fastenal Company (NASDAQ:FAST) by 15.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 369,405 shares of the company’s stock after selling 66,502 shares during the period. TD Asset Management Inc. owned 0.13% of Fastenal worth $16,080,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of FAST. Vanguard Group Inc. increased its stake in Fastenal by 4.6% in the first quarter. Vanguard Group Inc. now owns 30,629,887 shares of the company’s stock worth $1,577,439,000 after buying an additional 1,345,542 shares during the last quarter. BlackRock Inc. increased its stake in Fastenal by 3,168.1% in the first quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock worth $899,168,000 after buying an additional 16,925,319 shares during the last quarter. State Street Corp increased its stake in Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock worth $621,683,000 after buying an additional 77,914 shares during the last quarter. Waddell & Reed Financial Inc. increased its stake in Fastenal by 2.6% in the first quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock worth $212,509,000 after buying an additional 104,132 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Fastenal by 3.2% in the first quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock worth $199,311,000 after buying an additional 120,996 shares during the last quarter. Institutional investors own 82.54% of the company’s stock.
Fastenal Company (NASDAQ FAST) opened at 42.61 on Friday. The firm’s 50-day moving average is $43.14 and its 200 day moving average is $46.53. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74. The company has a market cap of $12.27 billion, a price-to-earnings ratio of 23.45 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a return on equity of 30.06% and a net margin of 13.28%. Fastenal’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 earnings per share. On average, equities analysts expect that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
Fastenal announced that its board has authorized a share repurchase plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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FAST has been the topic of a number of research analyst reports. Stifel Nicolaus restated a “hold” rating and issued a $46.00 price target (up from $45.00) on shares of Fastenal in a research note on Friday, July 14th. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Raymond James Financial, Inc. upgraded shares of Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, April 19th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, June 13th. Finally, J P Morgan Chase & Co initiated coverage on shares of Fastenal in a research note on Friday, June 2nd. They issued a “neutral” rating and a $46.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Fastenal presently has a consensus rating of “Buy” and an average price target of $50.14.
In related news, CFO Holden Lewis acquired 1,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was purchased at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the purchase, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel L. Johnson acquired 600 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were bought at an average cost of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 3,600 shares of company stock valued at $154,256. Insiders own 0.55% of the company’s stock.
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.
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