Bessemer Group Inc. raised its stake in Fastenal Company (NASDAQ:FAST) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,099 shares of the company’s stock after buying an additional 334 shares during the period. Bessemer Group Inc.’s holdings in Fastenal were worth $1,442,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. FNY Managed Accounts LLC acquired a new stake in Fastenal during the first quarter valued at $133,000. Parkside Financial Bank & Trust raised its stake in Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock valued at $152,000 after buying an additional 9 shares during the period. Clearbridge Investments LLC raised its stake in Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares during the period. CENTRAL TRUST Co raised its stake in Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Fastenal during the first quarter valued at $191,000. Hedge funds and other institutional investors own 82.54% of the company’s stock.
Fastenal Company (NASDAQ:FAST) opened at 42.61 on Friday. The company has a market capitalization of $12.27 billion, a PE ratio of 23.45 and a beta of 0.98. The stock has a 50 day moving average of $43.14 and a 200 day moving average of $46.53. Fastenal Company has a 12-month low of $37.70 and a 12-month high of $52.74.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 13.28% and a return on equity of 30.06%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Fastenal Company will post $1.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is 70.33%.
Fastenal declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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Several research firms recently weighed in on FAST. UBS AG upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 19th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Thursday, August 3rd. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Northcoast Research reiterated a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $46.00 price objective (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, six have issued 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 $50.14.
In other news, Director Daniel L. Johnson acquired 600 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $42.71 per share, for a total transaction of $25,626.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Joseph Drazkowski acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were purchased at an average price of $42.36 per share, with a total value of $42,360.00. Following the acquisition, the insider now owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 3,600 shares of company stock valued at $154,256. 0.55% of the stock is currently owned by insiders.
Fastenal Company Profile
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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