Daiwa Securities Group Inc. boosted its position in shares of Fastenal (NASDAQ:FAST) by 448.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,574 shares of the company’s stock after buying an additional 100,220 shares during the period. Daiwa Securities Group Inc.’s holdings in Fastenal were worth $4,004,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. Keybank National Association OH grew its stake in Fastenal by 19.0% during the third quarter. Keybank National Association OH now owns 21,615 shares of the company’s stock worth $706,000 after buying an additional 3,454 shares in the last quarter. Provident Trust Co. grew its stake in Fastenal by 4.5% during the third quarter. Provident Trust Co. now owns 2,741,265 shares of the company’s stock worth $89,557,000 after buying an additional 119,253 shares in the last quarter. Bartlett & Co. LLC acquired a new stake in Fastenal during the third quarter worth about $156,000. Tibra Equities Europe Ltd acquired a new stake in Fastenal during the third quarter worth about $1,117,000. Finally, Steginsky Capital LLC grew its stake in Fastenal by 8.0% during the third quarter. Steginsky Capital LLC now owns 491,270 shares of the company’s stock worth $16,050,000 after buying an additional 36,458 shares in the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.
FAST opened at $37.07 on Friday. The company’s 50 day moving average is $34.55 and its 200-day moving average is $37.70. Fastenal has a 1-year low of $24.60 and a 1-year high of $37.91. The company has a current ratio of 4.51, a quick ratio of 2.06 and a debt-to-equity ratio of 0.23. The company has a market cap of $21.38 billion, a P/E ratio of 28.08, a PEG ratio of 1.69 and a beta of 1.26.
Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, October 11th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. Fastenal had a net margin of 14.77% and a return on equity of 32.03%. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $0.34 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. On average, equities analysts forecast that Fastenal will post 1.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, October 24th. This represents a $0.88 annualized dividend and a yield of 2.37%. Fastenal’s dividend payout ratio is presently 66.67%.
In related news, Director Willard D. Oberton sold 100,000 shares of Fastenal stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $37.00, for a total transaction of $3,700,000.00. Following the sale, the director now directly owns 114,194 shares in the company, valued at approximately $4,225,178. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Sheryl Ann Lisowski sold 5,615 shares of Fastenal stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.50, for a total transaction of $188,102.50. Following the sale, the chief accounting officer now owns 10,382 shares in the company, valued at $347,797. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 171,031 shares of company stock worth $6,250,224. 0.56% of the stock is owned by corporate insiders.
A number of research firms have recently weighed in on FAST. Raymond James downgraded shares of Fastenal from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 14th. Argus raised their price target on shares of Fastenal to $41.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Edward Jones downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Stephens downgraded shares of Fastenal from an “overweight” rating to an “equal” rating and raised their price target for the company from $36.00 to $37.00 in a research note on Monday, October 14th. Finally, Wolfe Research downgraded shares of Fastenal from a “market perform” rating to an “underperform” rating in a research note on Monday, October 14th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $34.55.
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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