Gulf International Bank UK Ltd lessened its stake in shares of Fastenal (NASDAQ:FAST) by 29.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 66,950 shares of the company’s stock after selling 27,886 shares during the period. Gulf International Bank UK Ltd’s holdings in Fastenal were worth $3,500,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN lifted its position in shares of Fastenal by 3,540.7% during the 3rd quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock valued at $182,000 after acquiring an additional 3,045 shares during the period. Canton Hathaway LLC acquired a new position in shares of Fastenal during the 3rd quarter valued at $186,000. Meyer Handelman Co. acquired a new position in shares of Fastenal during the 3rd quarter valued at $203,000. Stonebridge Capital Advisors LLC acquired a new position in shares of Fastenal during the 3rd quarter valued at $214,000. Finally, Northeast Investment Management acquired a new position in shares of Fastenal during the 3rd quarter valued at $220,000. Institutional investors own 85.04% of the company’s stock.
A number of research firms recently issued reports on FAST. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Friday, December 14th. ValuEngine downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, October 17th. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, October 31st. Longbow Research downgraded shares of Fastenal from a “buy” rating to a “neutral” rating in a report on Tuesday, December 4th. Finally, Morgan Stanley began coverage on shares of Fastenal in a report on Tuesday, December 18th. They set an “equal weight” rating and a $55.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. Fastenal has an average rating of “Hold” and an average target price of $56.85.
FAST opened at $54.84 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35. Fastenal has a 1-year low of $47.37 and a 1-year high of $61.14. The firm has a market cap of $15.47 billion, a price-to-earnings ratio of 28.41, a price-to-earnings-growth ratio of 1.21 and a beta of 1.11.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. On average, equities research analysts anticipate that Fastenal will post 2.6 earnings per share for the current year.
In other news, CFO Holden Lewis bought 500 shares of the stock in a transaction dated Tuesday, October 16th. The stock was bought at an average price of $52.28 per share, for a total transaction of $26,140.00. Following the completion of the acquisition, the chief financial officer now directly owns 3,500 shares in the company, valued at approximately $182,980. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski bought 830 shares of the stock in a transaction dated Tuesday, October 23rd. The stock was purchased at an average price of $50.54 per share, with a total value of $41,948.20. Following the acquisition, the insider now owns 2,790 shares of the company’s stock, valued at $141,006.60. The disclosure for this purchase can be found here. In the last quarter, insiders bought 2,295 shares of company stock valued at $117,844. 0.56% of the stock is currently owned by corporate insiders.
Fastenal Company Profile
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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