CIBC World Markets Inc. Has $864,000 Stake in Fastenal (FAST)
CIBC World Markets Inc. raised its stake in shares of Fastenal (NASDAQ:FAST) by 5.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,952 shares of the company’s stock after buying an additional 960 shares during the quarter. CIBC World Markets Inc.’s holdings in Fastenal were worth $864,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Achmea Investment Management B.V. grew its position in shares of Fastenal by 28.7% in the 2nd quarter. Achmea Investment Management B.V. now owns 66,651 shares of the company’s stock valued at $3,204,000 after purchasing an additional 14,857 shares during the period. USS Investment Management Ltd acquired a new position in shares of Fastenal in the 2nd quarter valued at approximately $27,288,000. Sei Investments Co. grew its position in shares of Fastenal by 49.6% in the 2nd quarter. Sei Investments Co. now owns 124,000 shares of the company’s stock valued at $5,968,000 after purchasing an additional 41,095 shares during the period. DnB Asset Management AS acquired a new position in shares of Fastenal in the 2nd quarter valued at approximately $2,203,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Fastenal in the 2nd quarter valued at approximately $6,267,000. Institutional investors own 85.88% of the company’s stock.
FAST has been the subject of several research analyst reports. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Wolfe Research started coverage on Fastenal in a research report on Wednesday, June 27th. They issued an “underperform” rating for the company. Wells Fargo & Co boosted their target price on Fastenal from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Thursday, July 12th. BMO Capital Markets cut their target price on Fastenal from $57.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, July 6th. Finally, Northcoast Research restated a “buy” rating and issued a $62.00 target price on shares of Fastenal in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Fastenal currently has a consensus rating of “Hold” and a consensus price target of $55.55.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, July 11th. The company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.08. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Fastenal had a return on equity of 30.82% and a net margin of 14.57%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. equities analysts expect that Fastenal will post 2.56 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 22nd. Shareholders of record on Wednesday, July 25th were paid a $0.40 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, July 24th. This represents a $1.60 annualized dividend and a yield of 2.72%. Fastenal’s payout ratio is presently 82.90%.
In other news, insider Terry Modock Owen bought 2,000 shares of the business’s stock in a transaction on Wednesday, June 6th. The shares were purchased at an average price of $51.85 per share, for a total transaction of $103,700.00. Following the purchase, the insider now owns 2,000 shares of the company’s stock, valued at approximately $103,700. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.56% of the company’s stock.
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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