Teachers Advisors LLC boosted its stake in shares of Fastenal Company (NASDAQ:FAST) by 47.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 822,188 shares of the company’s stock after buying an additional 262,903 shares during the quarter. Teachers Advisors LLC owned approximately 0.29% of Fastenal worth $35,790,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. CWA Asset Management Group LLC bought a new stake in Fastenal during the 2nd quarter valued at about $2,801,000. Seven Eight Capital LP lifted its holdings in Fastenal by 67.2% during the 2nd quarter. Seven Eight Capital LP now owns 9,700 shares of the company’s stock valued at $422,000 after buying an additional 3,900 shares in the last quarter. FNY Managed Accounts LLC lifted its holdings in Fastenal by 130.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 6,000 shares of the company’s stock valued at $261,000 after buying an additional 3,400 shares in the last quarter. Stephens Inc. AR lifted its holdings in Fastenal by 102.2% during the 2nd quarter. Stephens Inc. AR now owns 23,173 shares of the company’s stock valued at $1,009,000 after buying an additional 11,715 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Fastenal by 140.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 23,188 shares of the company’s stock valued at $1,010,000 after buying an additional 13,549 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.
Fastenal Company (FAST) opened at 44.10 on Tuesday. The stock has a 50 day moving average of $42.47 and a 200-day moving average of $45.04. The stock has a market cap of $12.70 billion, a P/E ratio of 24.27 and a beta of 0.99. Fastenal Company has a 12 month low of $37.70 and a 12 month high of $52.74.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. On average, equities analysts forecast that Fastenal Company will post $1.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, July 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.90%. Fastenal’s dividend payout ratio is presently 70.33%.
Fastenal announced that its Board of Directors 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 an indication that the company’s leadership believes its shares are undervalued.
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FAST has been the subject of a number of research analyst reports. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company 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 for the company in a report on Wednesday, July 12th. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Credit Suisse Group restated 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 boosted their price target on shares of Fastenal from $49.00 to $51.00 and gave the company 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 assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.33.
In other Fastenal news, CFO Holden Lewis purchased 1,000 shares of Fastenal stock in a transaction dated Monday, July 17th. The shares were acquired at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the transaction, the chief financial officer now owns 2,000 shares of the company’s stock, valued at $85,020. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel L. Johnson purchased 600 shares of Fastenal stock in a transaction dated Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Insiders have bought 3,400 shares of company stock worth $142,960 in the last three months. Corporate insiders own 0.55% of the company’s stock.
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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