Fastenal Company (FAST) Director Daniel L. Johnson Purchases 600 Shares
Fastenal Company (NASDAQ:FAST) Director Daniel L. Johnson purchased 600 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was acquired at an average price of $42.71 per share, for a total transaction of $25,626.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Shares of Fastenal Company (NASDAQ FAST) traded up 2.88% on Tuesday, hitting $44.27. The stock had a trading volume of 1,800,620 shares. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74. The firm has a market capitalization of $12.75 billion, a price-to-earnings ratio of 24.36 and a beta of 0.99. The firm has a 50 day moving average of $43.28 and a 200-day moving average of $47.10.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. Fastenal’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 earnings per share. Equities analysts predict that Fastenal Company will post $1.92 earnings per share for the current year.
Fastenal announced that its Board of Directors has approved a stock buyback program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.97%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
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Hedge funds have recently modified their holdings of the company. FNY Managed Accounts LLC bought a new stake in shares of Fastenal during the first quarter valued at approximately $133,000. Parkside Financial Bank & Trust raised its position in 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 last quarter. Clearbridge Investments LLC raised its position in 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 last quarter. CENTRAL TRUST Co raised its position in 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 last quarter. Finally, Advisory Services Network LLC acquired a new position in Fastenal during the first quarter valued at about $191,000. Institutional investors and hedge funds own 83.12% of the company’s stock.
FAST has been the topic of a number of research reports. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Friday, June 2nd. Credit Suisse Group upgraded Fastenal from a “neutral” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research report on Wednesday, April 19th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Tuesday, April 18th. Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, April 19th. Finally, Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Fastenal presently has a consensus rating of “Buy” and an average target price of $50.20.
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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