Fastenal (FAST) Shares Bought by CIBC World Markets Inc.

CIBC World Markets Inc. boosted its stake in Fastenal (NASDAQ:FAST) by 12.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 20,220 shares of the company’s stock after acquiring an additional 2,268 shares during the quarter. CIBC World Markets Inc.’s holdings in Fastenal were worth $1,173,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. American International Group Inc. grew its stake in Fastenal by 10.0% in the 3rd quarter. American International Group Inc. now owns 375,645 shares of the company’s stock valued at $21,795,000 after buying an additional 34,028 shares during the last quarter. Todd Asset Management LLC grew its stake in Fastenal by 17.3% in the 3rd quarter. Todd Asset Management LLC now owns 318,731 shares of the company’s stock valued at $18,493,000 after buying an additional 46,929 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Fastenal by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 14,725,234 shares of the company’s stock valued at $854,358,000 after buying an additional 158,261 shares during the last quarter. AXA grew its stake in Fastenal by 15.3% in the 3rd quarter. AXA now owns 202,613 shares of the company’s stock valued at $11,756,000 after buying an additional 26,909 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in Fastenal by 69.9% in the 3rd quarter. Alliancebernstein L.P. now owns 2,281,061 shares of the company’s stock valued at $132,347,000 after buying an additional 938,217 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

NASDAQ FAST opened at $59.73 on Tuesday. The company has a current ratio of 5.35, a quick ratio of 2.48 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 23.80, a P/E/G ratio of 1.63 and a beta of 1.07. Fastenal has a 52-week low of $47.37 and a 52-week high of $61.14.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.02. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The business’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. Research analysts forecast that Fastenal will post 2.59 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, October 23rd. This represents a $1.60 annualized dividend and a yield of 2.68%. Fastenal’s dividend payout ratio is 82.90%.

A number of research analysts recently issued reports on the stock. BidaskClub upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research note on Tuesday, August 21st. Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. ValuEngine upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research note on Thursday, November 15th. Finally, Buckingham Research assumed coverage on shares of Fastenal in a research note on Monday, October 22nd. They issued a “neutral” rating and a $50.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $56.40.

In related news, insider Terry Modock Owen purchased 1,500 shares of the firm’s stock in a transaction on Friday, October 12th. The shares were bought at an average cost of $52.07 per share, for a total transaction of $78,105.00. Following the transaction, the insider now directly owns 3,500 shares of the company’s stock, valued at approximately $182,245. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski purchased 830 shares of the firm’s stock in a transaction on Tuesday, October 23rd. The stock was bought at an average price of $50.54 per share, for a total transaction of $41,948.20. Following the completion of the transaction, the insider now directly owns 2,790 shares in the company, valued at $141,006.60. The disclosure for this purchase can be found here. Insiders acquired a total of 5,795 shares of company stock worth $299,849 over the last 90 days. Company insiders own 0.56% of the company’s stock.

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About Fastenal

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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Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal (NASDAQ:FAST).

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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