Insider Buying: Fastenal Company (FAST) CFO Buys 1,000 Shares of Stock
Fastenal Company (NASDAQ:FAST) CFO Holden Lewis bought 1,000 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were purchased at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,000 shares in the company, valued at $85,020. The purchase was disclosed in a legal filing with the SEC, which is available through this link.
Holden Lewis also recently made the following trade(s):
- On Thursday, May 25th, Holden Lewis bought 1,000 shares of Fastenal stock. The shares were purchased at an average price of $43.76 per share, with a total value of $43,760.00.
Fastenal Company (NASDAQ FAST) traded up 1.22% on Tuesday, reaching $43.02. The company’s stock had a trading volume of 1,537,423 shares. The firm’s 50 day moving average price is $43.41 and its 200-day moving average price is $47.58. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of 23.68 and a beta of 0.99. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the firm earned $0.46 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts predict that Fastenal Company will post $1.91 EPS for the current year.
Fastenal declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
Institutional investors have recently modified their holdings of the stock. FNY Managed Accounts LLC purchased a new position in shares of Fastenal during the first quarter valued at about $133,000. Parkside Financial Bank & Trust boosted its position in shares of Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock valued at $152,000 after buying an additional 9 shares during the period. Clearbridge Investments LLC boosted its position in shares of Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares during the period. CENTRAL TRUST Co boosted its position in shares of Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of Fastenal during the first quarter valued at about $191,000. Institutional investors own 82.59% of the company’s stock.
A number of equities analysts recently commented on FAST shares. Credit Suisse Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a report on Tuesday, June 6th. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a report on Friday, June 2nd. Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, April 19th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Tuesday, April 18th. Finally, Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Tuesday, March 21st. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $49.97.
Fastenal Company Profile
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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