Fastenal Company (FAST) Position Held by Westpac Banking Corp
Westpac Banking Corp maintained its position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,818 shares of the company’s stock at the close of the second quarter. Westpac Banking Corp’s holdings in Fastenal were worth $776,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in FAST. BlackRock Inc. increased its stake in Fastenal by 3,168.1% during the 1st 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. FMR LLC increased its stake in Fastenal by 150.9% during the 1st quarter. FMR LLC now owns 2,875,059 shares of the company’s stock valued at $148,066,000 after buying an additional 1,729,206 shares during the period. Vanguard Group Inc. increased its stake in Fastenal by 4.6% during the 1st 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. Montag & Caldwell LLC acquired a new position in Fastenal during the 1st quarter valued at about $56,405,000. Finally, Confluence Investment Management LLC increased its stake in Fastenal by 37.9% during the 2nd quarter. Confluence Investment Management LLC now owns 2,381,859 shares of the company’s stock valued at $103,682,000 after buying an additional 655,160 shares during the period. 82.98% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Stephen L. Eastman purchased 800 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average cost of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction dated Monday, July 24th. The stock was bought at an average cost of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 3,400 shares of company stock valued at $142,960. 0.55% of the stock is currently owned by company insiders.
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Fastenal Company (FAST) opened at 42.96 on Tuesday. The firm has a market capitalization of $12.37 billion, a PE ratio of 23.64 and a beta of 0.99. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The firm has a 50 day moving average of $42.44 and a 200 day moving average of $45.30.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.46 EPS. Equities analysts forecast that Fastenal Company will post $1.93 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.98%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
Fastenal announced that its Board of Directors has approved a share repurchase plan on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Several research firms have commented on FAST. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Tuesday, June 13th. Northcoast Research reissued a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Morgan Stanley reissued an “equal weight” rating on shares of Fastenal in a research note on Tuesday, July 11th. Finally, Longbow Research raised shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $50.33.
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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