Korea Investment CORP grew its position in shares of Fastenal Company (NASDAQ:FAST) by 62.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,983 shares of the company’s stock after buying an additional 29,600 shares during the quarter. Korea Investment CORP’s holdings in Fastenal were worth $3,509,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently bought and sold shares of the company. Enterprise Financial Services Corp grew its holdings in shares of Fastenal by 0.5% during the second quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock valued at $264,000 after buying an additional 28 shares during the last quarter. Curbstone Financial Management Corp boosted its holdings in Fastenal by 1.1% in the second quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock worth $246,000 after purchasing an additional 60 shares during the last quarter. QS Investors LLC boosted its holdings in Fastenal by 1.6% in the second quarter. QS Investors LLC now owns 4,051 shares of the company’s stock worth $176,000 after purchasing an additional 63 shares during the last quarter. Krilogy Financial LLC boosted its holdings in Fastenal by 2.0% in the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after purchasing an additional 70 shares during the last quarter. Finally, Community Bank N.A. boosted its holdings in Fastenal by 1.1% in the second quarter. Community Bank N.A. now owns 7,276 shares of the company’s stock worth $317,000 after purchasing an additional 76 shares during the last quarter. Hedge funds and other institutional investors own 83.20% of the company’s stock.
Several brokerages recently issued reports on FAST. BMO Capital Markets restated a “market perform” rating and issued a $51.00 target price (up previously from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Morgan Stanley restated an “equal weight” rating and issued a $46.00 target price (up previously from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Stephens set a $54.00 target price on shares of Fastenal and gave the stock a “buy” rating in a report on Wednesday, October 11th. KeyCorp restated a “buy” rating and issued a $52.00 target price on shares of Fastenal in a report on Thursday, October 12th. Finally, Northcoast Research restated a “buy” rating on shares of Fastenal in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $50.80.
Shares of Fastenal Company (FAST) opened at $47.91 on Friday. The company has a market cap of $13,768.86, a price-to-earnings ratio of 25.48, a PEG ratio of 1.78 and a beta of 1.06. Fastenal Company has a 52-week low of $38.68 and a 52-week high of $52.74. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.45 and a current ratio of 5.36.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company’s revenue was up 11.8% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. analysts anticipate that Fastenal Company will post 1.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, October 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.67%. Fastenal’s payout ratio is 68.09%.
Fastenal announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Stephen L. Eastman acquired 800 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average cost of $40.58 per share, for a total transaction of $32,464.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock worth $1,302,880 over the last 90 days. Insiders own 0.55% of the company’s stock.
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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