Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Fastenal Company (NASDAQ:FAST) by 13.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,415 shares of the company’s stock after buying an additional 2,958 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Fastenal were worth $1,063,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of FAST. Parkside Financial Bank & Trust increased its holdings in Fastenal by 3.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares during the period. FNY Managed Accounts LLC acquired a new position in Fastenal in the 1st quarter worth approximately $133,000. CENTRAL TRUST Co increased its holdings in Fastenal by 13.4% in the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares during the period. Clearbridge Investments LLC increased its holdings in Fastenal by 417.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after buying an additional 2,644 shares during the period. Finally, Penserra Capital Management LLC increased its holdings in Fastenal by 9.1% in the 2nd quarter. Penserra Capital Management LLC now owns 4,316 shares of the company’s stock worth $187,000 after buying an additional 360 shares during the period. Institutional investors own 82.98% of the company’s stock.
In other news, Director Stephen L. Eastman bought 800 shares of the stock in a transaction on Tuesday, August 22nd. The shares were bought at an average price of $40.58 per share, with a total value of $32,464.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Holden Lewis bought 1,000 shares of the stock in a transaction on Monday, July 17th. The stock was purchased at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the acquisition, the chief financial officer now directly owns 2,000 shares of the company’s stock, valued at approximately $85,020. The disclosure for this purchase can be found here. Insiders acquired 3,400 shares of company stock worth $142,960 in the last three months. 0.55% of the stock is owned by corporate insiders.
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FAST has been the topic of several research reports. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, June 2nd. Robert W. Baird upgraded shares of Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a report on Wednesday, July 12th. BidaskClub downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Credit Suisse Group reiterated a “buy” rating and issued a $52.00 price target on shares of Fastenal in a report on Thursday, July 13th. Finally, BMO Capital Markets increased their price target on shares of Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Fastenal presently has an average rating of “Buy” and a consensus price target of $50.33.
Fastenal Company (NASDAQ:FAST) opened at 42.96 on Tuesday. The stock has a market cap of $12.37 billion, a price-to-earnings 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 price of $42.44 and a 200-day moving average price of $45.30.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The company 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 revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. On average, equities analysts predict that Fastenal Company will post $1.93 earnings per share 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 issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.98%. The ex-dividend date was Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is 70.33%.
Fastenal announced that its board has authorized a stock buyback plan on Tuesday, July 11th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
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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