Fastenal Company (NASDAQ:FAST) Shares Bought by US Bancorp DE
US Bancorp DE raised its stake in shares of Fastenal Company (NASDAQ:FAST) by 19.2% during the second quarter, Holdings Channel reports. The firm owned 556,713 shares of the company’s stock after buying an additional 89,749 shares during the period. US Bancorp DE’s holdings in Fastenal were worth $24,234,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in FAST. Vanguard Group Inc. boosted its position in Fastenal by 4.6% in the first quarter. Vanguard Group Inc. now owns 30,629,887 shares of the company’s stock valued at $1,577,439,000 after buying an additional 1,345,542 shares during the period. BlackRock Inc. boosted its position in shares of Fastenal by 3,168.1% in the first quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock valued at $899,168,000 after buying an additional 16,925,319 shares during the period. State Street Corp boosted its position in shares of Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock valued at $621,683,000 after buying an additional 77,914 shares during the period. Waddell & Reed Financial Inc. boosted its position in shares of Fastenal by 2.6% in the first quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock valued at $212,509,000 after buying an additional 104,132 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Fastenal by 3.2% in the first quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock valued at $199,311,000 after buying an additional 120,996 shares during the period. Institutional investors own 82.59% of the company’s stock.
Fastenal Company (FAST) traded down 1.44% during midday trading on Friday, reaching $42.45. The company’s stock had a trading volume of 2,471,076 shares. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74. The firm has a market capitalization of $12.22 billion, a PE ratio of 23.36 and a beta of 0.99. The firm has a 50 day moving average price of $43.28 and a 200 day moving average price of $47.10.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. Fastenal’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 EPS. On average, analysts predict that Fastenal Company will post $1.92 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio is 70.33%.
Fastenal announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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FAST has been the topic of several research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $46.00 price objective (down from $50.00) on shares of Fastenal in a research note on Monday, June 12th. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Friday, June 2nd. Credit Suisse Group restated a “buy” rating and set a $52.00 price objective on shares of Fastenal in a research note on Thursday, July 13th. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Finally, Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, April 18th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $49.97.
In related news, CFO Holden Lewis purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were acquired at an average price of $42.51 per share, with a total value of $42,510.00. Following the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at $85,020. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Darren R. Jackson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The stock was bought at an average cost of $44.75 per share, for a total transaction of $223,750.00. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 7,350 shares of company stock worth $325,868. 0.55% of the stock is owned by insiders.
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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