Pendal Group Ltd Acquires 964,134 Shares of Fastenal (NASDAQ:FAST)
Pendal Group Ltd lifted its holdings in Fastenal (NASDAQ:FAST) by 98.6% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,941,592 shares of the company’s stock after purchasing an additional 964,134 shares during the period. Pendal Group Ltd’s holdings in Fastenal were worth $55,826,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Cantillon Capital Management LLC grew its stake in shares of Fastenal by 96.1% during the second quarter. Cantillon Capital Management LLC now owns 6,335,959 shares of the company’s stock worth $206,488,000 after acquiring an additional 3,105,434 shares during the last quarter. Confluence Investment Management LLC boosted its stake in shares of Fastenal by 98.3% in the second quarter. Confluence Investment Management LLC now owns 3,591,836 shares of the company’s stock valued at $117,058,000 after buying an additional 1,780,660 shares in the last quarter. Thoroughbred Financial Services LLC boosted its stake in shares of Fastenal by 6,744.2% in the second quarter. Thoroughbred Financial Services LLC now owns 1,581,902 shares of the company’s stock valued at $158,190,000 after buying an additional 1,558,789 shares in the last quarter. Riverbridge Partners LLC boosted its stake in shares of Fastenal by 91.0% in the second quarter. Riverbridge Partners LLC now owns 3,053,420 shares of the company’s stock valued at $99,511,000 after buying an additional 1,454,579 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Fastenal by 234.5% in the second quarter. Janus Henderson Group PLC now owns 1,646,067 shares of the company’s stock valued at $53,645,000 after buying an additional 1,154,014 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.
In related news, Director Michael J. Ancius bought 1,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $28.99 per share, with a total value of $28,990.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sheryl Ann Lisowski sold 9,166 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $64.22, for a total value of $588,640.52. Following the completion of the sale, the chief accounting officer now directly owns 9,466 shares of the company’s stock, valued at approximately $607,906.52. The disclosure for this sale can be found here. In the last three months, insiders have acquired 4,604 shares of company stock valued at $138,479. 0.62% of the stock is owned by company insiders.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, July 11th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.01). Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the firm posted $0.37 EPS. Fastenal’s revenue was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Fastenal will post 1.38 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, July 25th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Wednesday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 66.67%.
A number of analysts recently weighed in on FAST shares. William Blair downgraded Fastenal from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 7th. ValuEngine cut Fastenal from a “sell” rating to a “strong sell” rating in a report on Thursday, May 23rd. Raymond James cut their price target on Fastenal from $39.00 to $37.00 and set a “strong-buy” rating for the company in a report on Friday, July 12th. Wells Fargo & Co cut their price target on Fastenal from $35.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, July 12th. Finally, Buckingham Research cut their price target on Fastenal from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $31.36.
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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