Thrivent Financial For Lutherans boosted its holdings in Fastenal Company (NASDAQ:FAST) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,420 shares of the company’s stock after acquiring an additional 400 shares during the quarter. Thrivent Financial For Lutherans’ holdings in Fastenal were worth $498,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Commonwealth Bank of Australia increased its position in Fastenal by 44.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after acquiring an additional 753 shares during the period. FNY Managed Accounts LLC acquired a new stake in Fastenal in the 1st quarter valued at approximately $133,000. Parkside Financial Bank & Trust increased its position in Fastenal by 3.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after acquiring an additional 88 shares during the period. Clearbridge Investments LLC increased its position in Fastenal by 417.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after acquiring an additional 2,644 shares during the period. Finally, CENTRAL TRUST Co increased its position in Fastenal by 13.4% in the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after acquiring an additional 433 shares during the period. Hedge funds and other institutional investors own 83.01% of the company’s stock.
Fastenal Company (NASDAQ:FAST) opened at 47.26 on Tuesday. The firm has a market capitalization of $13.58 billion, a PE ratio of 25.21 and a beta of 1.00. The company has a 50 day moving average price of $44.17 and a 200-day moving average price of $44.23. Fastenal Company has a one year low of $37.88 and a one year high of $52.74.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. On average, equities analysts predict that Fastenal Company will post $1.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Tuesday, October 24th. Fastenal’s payout ratio is 68.09%.
Fastenal announced that its Board of Directors has approved a stock repurchase plan on Tuesday, July 11th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Several brokerages have recently issued reports on FAST. BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Northcoast Research began coverage on Fastenal in a research report on Tuesday, July 25th. They set a “buy” rating and a $54.00 price target on the stock. BMO Capital Markets reiterated a “market perform” rating and set a $51.00 price target (up from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Stephens set a $54.00 price target on Fastenal and gave the company a “buy” rating in a research report on Wednesday, October 11th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $47.00 price target (down from $51.00) on shares of Fastenal in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $50.80.
In other Fastenal news, Director Daniel L. Johnson bought 600 shares of the company’s stock in a transaction on Monday, July 24th. The stock was bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski bought 1,000 shares of the company’s stock in a transaction on Friday, July 21st. The shares were acquired at an average price of $42.36 per share, with a total value of $42,360.00. Following the transaction, the insider now directly owns 1,960 shares in the company, valued at approximately $83,025.60. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,400 shares of company stock valued at $100,450 in the last quarter. Corporate insiders own 0.55% of the company’s stock.
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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