APG Asset Management N.V. maintained its stake in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 288,560 shares of the company’s stock at the end of the second quarter. APG Asset Management N.V. owned approximately 0.10% of Fastenal worth $12,561,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in shares of Fastenal during the first quarter worth approximately $191,000. Schwab Charles Investment Management Inc. increased its position in Fastenal by 5.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,332,219 shares of the company’s stock worth $68,610,000 after buying an additional 68,976 shares during the last quarter. State Street Corp increased its position in Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock worth $621,683,000 after buying an additional 77,914 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in Fastenal by 1.1% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 254,520 shares of the company’s stock worth $11,079,000 after buying an additional 2,656 shares during the last quarter. Finally, Commerce Bank increased its position in Fastenal by 14.4% in the first quarter. Commerce Bank now owns 44,807 shares of the company’s stock worth $2,307,000 after buying an additional 5,634 shares during the last quarter. 82.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fastenal Company (NASDAQ:FAST) traded up 0.59% during trading on Friday, hitting $42.61. 1,603,552 shares of the stock traded hands. The firm has a market cap of $12.27 billion, a P/E ratio of 23.45 and a beta of 0.98. The company has a 50-day moving average of $43.14 and a 200-day moving average of $46.59. 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 Thomson Reuters’ 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 firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the firm earned $0.46 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. On average, analysts forecast that Fastenal Company will post $1.92 EPS for the current fiscal year.
The company also recently announced 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 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s payout ratio is 70.33%.
Fastenal declared that its Board of Directors has initiated a share repurchase plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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A number of research firms have issued reports on FAST. Raymond James Financial, Inc. upgraded shares of Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, April 19th. UBS AG upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a research report on Wednesday, April 19th. Argus upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Tuesday, April 18th. Stephens began coverage on shares of Fastenal in a research report on Friday, June 2nd. They set an “overweight” rating and a $54.00 target price on the stock. Finally, Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given 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 price target of $50.14.
In other news, insider William Joseph Drazkowski bought 1,000 shares of the stock in a transaction dated Friday, July 21st. The shares were bought at an average cost of $42.36 per share, with a total value of $42,360.00. Following the completion of the transaction, the insider now directly owns 1,960 shares of the company’s stock, valued at $83,025.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel L. Johnson bought 600 shares of the stock in a transaction dated Monday, July 24th. The shares were purchased at an average cost of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Insiders have bought 3,600 shares of company stock worth $154,256 over the last ninety days. 0.55% of the stock is owned by insiders.
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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