Granite Investment Advisors LLC bought a new position in Fastenal (NASDAQ:FAST) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 40,521 shares of the company’s stock, valued at approximately $1,827,000.
Several other institutional investors and hedge funds have also recently modified their holdings of FAST. Public Employees Retirement Association of Colorado grew its position in shares of Fastenal by 155.7% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 81,160 shares of the company’s stock worth $2,536,000 after acquiring an additional 49,423 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Fastenal in the 1st quarter worth approximately $381,000. Mackenzie Financial Corp grew its position in shares of Fastenal by 36.6% in the 1st quarter. Mackenzie Financial Corp now owns 14,976 shares of the company’s stock worth $468,000 after acquiring an additional 4,011 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Fastenal in the 1st quarter worth approximately $308,000. Finally, APG Asset Management N.V. boosted its position in Fastenal by 97.0% during the 1st quarter. APG Asset Management N.V. now owns 1,016,239 shares of the company’s stock valued at $31,757,000 after purchasing an additional 500,411 shares during the period. Institutional investors own 77.18% of the company’s stock.
Fastenal stock traded up $0.64 during mid-day trading on Friday, hitting $45.26. 3,384,415 shares of the company’s stock traded hands, compared to its average volume of 4,564,562. The firm has a 50 day moving average price of $45.63 and a 200 day moving average price of $42.19. The company has a quick ratio of 1.91, a current ratio of 4.13 and a debt-to-equity ratio of 0.15. The company has a market cap of $25.96 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 3.63 and a beta of 1.19. Fastenal has a one year low of $26.72 and a one year high of $49.86.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Sunday, October 18th. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. Fastenal had a return on equity of 31.19% and a net margin of 15.07%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, analysts expect that Fastenal will post 1.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, October 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Monday, October 26th. Fastenal’s dividend payout ratio is presently 72.46%.
A number of research firms recently issued reports on FAST. ValuEngine lowered Fastenal from a “hold” rating to a “sell” rating in a research report on Thursday, October 1st. JPMorgan Chase & Co. upgraded Fastenal from an “underweight” rating to a “neutral” rating and set a $34.00 price objective for the company in a research report on Tuesday, June 23rd. Jefferies Financial Group restated a “hold” rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Tuesday, August 4th. Finally, Wells Fargo & Company lowered Fastenal from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective for the company. in a research report on Thursday, September 3rd. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. Fastenal has a consensus rating of “Hold” and an average target price of $44.36.
In other news, insider William Joseph Drazkowski sold 28,554 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $45.59, for a total value of $1,301,776.86. Following the sale, the insider now owns 9,330 shares of the company’s stock, valued at approximately $425,354.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Terry Modock Owen sold 1,250 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $49.53, for a total value of $61,912.50. The disclosure for this sale can be found here. Insiders sold a total of 96,724 shares of company stock worth $4,473,812 in the last three months. Company insiders own 0.57% of the company’s stock.
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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