Fastenal Company (FAST) Shares Bought by Aberdeen Asset Management PLC UK
Aberdeen Asset Management PLC UK boosted its holdings in Fastenal Company (NASDAQ:FAST) by 6.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,138 shares of the company’s stock after buying an additional 4,191 shares during the period. Aberdeen Asset Management PLC UK’s holdings in Fastenal were worth $2,922,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. AXA boosted its stake in Fastenal by 12.7% in the 2nd quarter. AXA now owns 203,006 shares of the company’s stock worth $8,837,000 after buying an additional 22,891 shares during the last quarter. Franklin Resources Inc. boosted its stake in Fastenal by 45.8% in the 2nd quarter. Franklin Resources Inc. now owns 36,441 shares of the company’s stock worth $1,586,000 after buying an additional 11,439 shares during the last quarter. Eaton Vance Management boosted its stake in Fastenal by 9.6% in the 2nd quarter. Eaton Vance Management now owns 109,227 shares of the company’s stock worth $4,755,000 after buying an additional 9,587 shares during the last quarter. CIBC World Markets Inc. boosted its stake in Fastenal by 127.2% in the 2nd quarter. CIBC World Markets Inc. now owns 71,051 shares of the company’s stock worth $3,093,000 after buying an additional 39,773 shares during the last quarter. Finally, Commonwealth Bank of Australia boosted its stake in Fastenal by 44.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after buying an additional 753 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.
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Fastenal Company (NASDAQ:FAST) opened at 43.93 on Monday. Fastenal Company has a 1-year low of $37.70 and a 1-year high of $52.74. The stock has a 50 day moving average price of $42.45 and a 200 day moving average price of $45.16. The firm has a market capitalization of $12.65 billion, a price-to-earnings ratio of 24.18 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Analysts predict that Fastenal Company will post $1.93 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th were paid a $0.32 dividend. The ex-dividend date was Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.91%. Fastenal’s dividend payout ratio (DPR) is currently 70.33%.
Fastenal announced that its board has initiated a stock repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
FAST has been the topic of a number of research analyst reports. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Friday, June 2nd. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a research note on Wednesday, July 12th. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Credit Suisse Group reissued a “buy” rating and issued a $52.00 price target on shares of Fastenal in a research note on Thursday, July 13th. Finally, BMO Capital Markets raised their price target on Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $50.33.
In related news, Director Stephen L. Eastman purchased 800 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average price of $40.58 per share, for a total transaction of $32,464.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael John Dolan sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total value of $344,080.00. The disclosure for this sale can be found here. Insiders acquired 3,400 shares of company stock worth $142,960 in the last 90 days. Corporate 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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