Pictet Asset Management Ltd. cut its holdings in shares of Fastenal (NASDAQ:FAST) by 1.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,146 shares of the company’s stock after selling 2,400 shares during the period. Pictet Asset Management Ltd. owned about 0.06% of Fastenal worth $9,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. lifted its position in Fastenal by 1.4% during the second quarter. BlackRock Inc. now owns 19,318,036 shares of the company’s stock valued at $929,778,000 after purchasing an additional 268,614 shares during the period. Bank of New York Mellon Corp lifted its position in Fastenal by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 14,725,234 shares of the company’s stock valued at $854,358,000 after purchasing an additional 158,261 shares during the period. OppenheimerFunds Inc. lifted its position in Fastenal by 5.2% during the second quarter. OppenheimerFunds Inc. now owns 5,666,164 shares of the company’s stock valued at $272,713,000 after purchasing an additional 282,020 shares during the period. Northern Trust Corp lifted its position in Fastenal by 3.3% during the second quarter. Northern Trust Corp now owns 3,437,593 shares of the company’s stock valued at $165,451,000 after purchasing an additional 108,486 shares during the period. Finally, Cantillon Capital Management LLC acquired a new position in Fastenal during the second quarter valued at $154,074,000. Institutional investors own 85.23% of the company’s stock.
A number of research analysts have weighed in on FAST shares. BidaskClub upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research report on Saturday, November 17th. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Tuesday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, November 13th. Wells Fargo & Co set a $50.00 price objective on shares of Fastenal and gave the stock a “hold” rating in a research report on Thursday, October 11th. Finally, ValuEngine upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $57.00.
Shares of Fastenal stock opened at $55.25 on Friday. The stock has a market capitalization of $16.45 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.58 and a beta of 1.08. Fastenal has a fifty-two week low of $47.37 and a fifty-two week high of $61.14. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The company’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 earnings per share. On average, sell-side analysts predict that Fastenal will post 2.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. Fastenal’s dividend payout ratio is currently 82.90%.
In other news, Director Michael John Dolan sold 5,000 shares of the business’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $900,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel L. Johnson bought 965 shares of the business’s stock in a transaction dated Monday, October 22nd. The shares were bought at an average cost of $51.56 per share, with a total value of $49,755.40. The disclosure for this purchase can be found here. Insiders have bought 5,795 shares of company stock valued at $299,849 in the last three months. Corporate insiders own 0.56% of the company’s stock.
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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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