Advisor Partners LLC Buys Shares of 3,849 Fastenal (FAST)
Advisor Partners LLC bought a new position in Fastenal (NASDAQ:FAST) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,849 shares of the company’s stock, valued at approximately $223,000.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Fastenal by 1.4% in the second quarter. BlackRock Inc. now owns 19,318,036 shares of the company’s stock valued at $929,778,000 after acquiring an additional 268,614 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in shares of Fastenal by 5.2% in the second quarter. OppenheimerFunds Inc. now owns 5,666,164 shares of the company’s stock worth $272,713,000 after buying an additional 282,020 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Fastenal by 3.3% in the second quarter. Northern Trust Corp now owns 3,437,593 shares of the company’s stock worth $165,451,000 after buying an additional 108,486 shares during the last quarter. Cantillon Capital Management LLC acquired a new stake in shares of Fastenal in the second quarter worth $154,074,000. Finally, Janus Henderson Group PLC lifted its stake in shares of Fastenal by 17.4% in the second quarter. Janus Henderson Group PLC now owns 2,520,269 shares of the company’s stock worth $121,301,000 after buying an additional 373,989 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Holden Lewis acquired 500 shares of the firm’s stock in a transaction on Tuesday, October 16th. The shares were purchased at an average price of $52.28 per share, with a total value of $26,140.00. Following the acquisition, the chief financial officer now directly owns 3,500 shares in the company, valued at $182,980. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael John Dolan sold 5,000 shares of the stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $900,000. The disclosure for this sale can be found here. In the last ninety days, insiders bought 5,795 shares of company stock worth $299,849. 0.56% of the stock is owned by insiders.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.02. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. Analysts predict that Fastenal will post 2.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Tuesday, October 23rd. Fastenal’s payout ratio is 82.90%.
A number of brokerages have recently weighed in on FAST. BidaskClub upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research note on Tuesday, August 21st. ValuEngine cut shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. Longbow Research cut shares of Fastenal from a “buy” rating to a “neutral” rating in a research note on Tuesday. Buckingham Research began coverage on shares of Fastenal in a research note on Monday, October 22nd. They set a “neutral” rating and a $50.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $57.00.
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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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